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Oct 24 - A broad swath of global industrial and consumer bellwethers reported stronger-than-expected earnings in their most recent quarter, as resilient spending patterns kept profits afloat despite high interest rates.
Both Coca-Cola and industrial conglomerate 3M raised their full-year outlooks. Telecom company Verizon said it brought in more subscribers than expected as it also raised its forecast for free cash flow. U.S. automaker General Motors reported a 5.4% increase in revenue and said its average vehicle selling price was $50,750 in the most recent quarter, down slightly from the previous quarter.
Last week Elon Musk, CEO of electric vehicle maker Tesla , noted the increase in borrowing costs, saying it would directly affect sales as people need credit to buy cars. GM's Jacobson said rates were a concern as well, but also said spending was holding up.
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