· U.S. stock index futures were mixed Tuesday morning, as market participants braced for the first day of the Federal Reserve’s interest rate meeting.
At around 02:00 a.m. ET, Dow futures dipped 25 points, indicating a negative open of more than 15 points. Futures on the S&P and Nasdaq were seen pointing in opposite directions.
· European stocks traded lower Tuesday morning as investors awaited a speech from European Central Bank President Mario Draghi, ahead of this week’s crucial U.S. Federal Reserve meeting.
The pan-European Stoxx 600 was down 0.4% in early deals, auto stocks leading the losses with a 1.1% drop while only a handful of sectors traded in positive territory.
· Most Asian stock markets rose on Tuesday but gains were capped by investor caution ahead of a U.S. Federal Reserve policy decision, while crude oil prices dipped as global growth worries overshadowed supply concerns.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.6%, while Japan’s Nikkei dipped 0.7%.
Oil prices had fallen on Monday as weak Chinese economic data last week led to fears of lower global demand for the commodity. [O/R]
Concerns over weakening demand overshadowed tensions in the Middle East, which remained high following last week’s attacks on two oil tankers in the Gulf of Oman.
· Japan’s Nikkei dropped to a 1-1/2-week low in choppy trade on Tuesday but most investors stayed on the sidelines ahead of a U.S. central bank policy decision later in the week.
The Nikkei share average ended 0.7% lower at 20,972.71, the lowest close since June 7. The broader Topix dropped 0.7% to 1,528.67.
Expectations that the Federal Reserve will start cutting interest rates has helped global markets recover from heavy selling sparked by intensifying global trade disputes.
While the Fed is unlikely to cut rates at its two-day meeting, ending on Thursday, its concluding statement will be analysed for clues on possible near-term moves to ease, analysts said.
· China stocks inched higher on Tuesday in thin trade as market participants exercised caution ahead of the U.S. Federal Reserve’s two-day policy meeting.
The blue-chip CSI300 index rose 0.4%, to 3,667.62 points, while the Shanghai Composite Index closed up 0.1%, at 2,890.16 points.
Reference: Reuters, CNBC
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