Global Market Uncertainty: Investors Brace for Elections and Economic Challenges

Global shares dipped as investors remained cautious ahead of the U.S. election. Meanwhile, Britain's stocks dropped due to tax hike announcements. In the U.S., economic data showed steady growth despite mixed corporate results. Gold hit a record high as risk aversion rose.

Global shares experienced a downturn on Wednesday as investor caution prevailed ahead of the U.S. election. In the UK, stocks tumbled following major tax hike announcements by the government, while gold reached a record high amid an overall risk-off sentiment.

The Euro STOXX 600 declined 1.3% to a five-week low, driven by a negative earnings season where poor results overshadowed more positive reports. Italian spirit manufacturer Campari saw its shares plummet 15% due to unmet forecasts.

Amid these global trends, U.S. data revealed maintained economic growth for the third quarter. Wall Street futures took a hit despite strong earnings from Alphabet, while sectors like semiconductors showed declines due to unsatisfactory revenue forecasts.

(With inputs from agencies.)