Global stocks hit by gloom on Wall Street, lower oil prices

Global stocks hit by gloom on Wall Street, lower oil prices

TOKYO (AP) — Global stock markets fell on Wednesday after some disappointing earnings reports and as a drop in oil prices dragged down shares in energy companies.

A drop in a consumer confidence index and disappointing third-quarter earnings from big name companies raised worries over consumer spending, a critical driver of U.S. growth.

Investors will also keep an eye on U.S. new home sales and a survey of the U.S. services sector.

Crude prices were down after the American Petroleum Institute reported a much larger than expected buildup in U.S. crude inventories.