NEW YORK (Reuters) – World stock indexes were flat to lower on Wednesday with a disappointing forecast from Texas Instruments dragging down chipmaker shares, while the British pound inched up as European Union leaders consider London’s request for a Brexit delay.

An index of semiconductor shares .SOX was down more than 2%. Apple (AAPL.O) shares rose after Morgan Stanley said the iPhone maker’s soon-to-be-launched video streaming service could boost its services revenue.

Sterling inched higher, with European Union leaders expected to grant a three-month extension to the Oct. 31 deadline for Britain’s departure.

“While weaker, the bottom hasn’t fallen out of the pound given that a no-deal Brexit has seemingly been taken off the table,” said Joe Manimbo, senior market analyst at Western Union Business Solutions.

The pound was yanked down to $1.2850 from $1.30 GBP= after UK lawmakers put the brakes on the government’s Brexit plans again on Tuesday.

Sterling GBP= was last trading at $1.2898, up 0.20% on the day.

The Dow Jones Industrial Average .DJI fell 25.65 points, or 0.1%, to 26,762.45, the S&P 500 .SPX lost 0.16 points, or 0.01%, to 2,995.83 and the Nasdaq Composite .IXIC dropped 8.45 points, or 0.1%, to 8,095.85.

The pan-European STOXX 600 index rose 0.11% and MSCI’s gauge of stocks across the globe .MIWD00000PUS shed 0.01%.

In commodity markets, oil jumped after government data showed a surprise draw in U.S. crude stocks.

U.S. crude CLcv1 climbed 2.7% to settle at $55.97, while Brent LCOcv1 rose 2.5% to $61.17.

Benchmark 10-year notes US10YT=RR last rose 3/32 in price to yield 1.7555%, from 1.766% late on Tuesday.

For a graphic on World foreign exchange rates:

FILE PHOTO: A trader works on the floor at the New York Stock Exchange (NYSE) in New York, U.S., October 22, 2019. REUTERS/Brendan McDermid

here

For a graphic on Emerging markets in 2019:

here

Additional reporting by Kate Duguid in New York, Marc Jones in London and Shreyashi Sanyal and Arjun Panchadar in Bengaluru, editing by Larry King, Bernadette Baum and David Gregorio



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