It’s all about the Fed... Oil edges higher as US producers flounder... European stock exchanges unite to take on Wall Street...
It’s all about the Fed
Markets are awaiting the Fed’s latest announcement Wednesday. While few would bet on any move on interest rates this time the details of its outlook will be closely scrutinized.
Asian indexes closed higher with the exception of Tokyo and Hong Kong and it was low volume rather than rising sentiment that led to the gains.
In Europe, markets are also trading higher ahead of the Fed. The impact of its announcement will not be felt in this session as it will be mid-afternoon before details are known. London’s FTSE is higher but subdued ahead of the latest government budget with a tightening of austerity measures almost certain to grab the headlines.
Wall Street and Toronto are expected to open higher.
Oil edges higher as US producers flounder
The financial woes of US oil producers are fuelling expectation that their output will fall. The latest data from the American Petroleum Institute shows a drop in output to 1.5 million barrels per day; analysts were expecting double that. EIA production figures are due this morning. Both US crude and the international benchmark Brent were up by more than 2 per cent overnight having declined in the previous session.
European stock exchanges unite to take on Wall Street
Two of the largest European stock exchanges are to merge in a bid to compete better with New York. London Stock Exchange Group and Deutsche Boerse have agreed to a “merger of equals” subject to shareholder and regulatory approval. The deal would mean the German firm’s shareholders taking 54.4 per cent and London’s taking 46.6 per cent of the new company. Deutsche’s Carsten Kengeter would become CEO of the merged firm.
Markets are awaiting the Fed’s latest announcement Wednesday. While few would bet on any move on interest rates this time the details of its outlook will be closely scrutinized.
Asian indexes closed higher with the exception of Tokyo and Hong Kong and it was low volume rather than rising sentiment that led to the gains.
In Europe, markets are also trading higher ahead of the Fed. The impact of its announcement will not be felt in this session as it will be mid-afternoon before details are known. London’s FTSE is higher but subdued ahead of the latest government budget with a tightening of austerity measures almost certain to grab the headlines.
Wall Street and Toronto are expected to open higher.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 17,251.53 (+0.13 per cent) | +8.00 per cent | -2.80 per cent |
| TSX Composite | 13,400.31 (-0.57 per cent) | +6.73 per cent | -9.84 per cent |
| Europe (at 5.30am ET) |
|||
| UK FTSE | 6,150.41 (+0.17 per cent) | +4.92 per cent | -9.61 per cent |
| German DAX | 10,012.06 (+0.79 per cent) | +9.60 per cent | -17.72 per cent |
| Asia (at close) |
|||
| China CSI 300 | 3,090.03 (+0.50 per cent) | +1.75 per cent | -16.61 per cent |
| Japan Nikkei | 16,974.45 (-0.83 per cent) | +5.73 per cent | -11.80 per cent |
| Other Data (at 6.30am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 39.56 (+2.12 per cent) |
37.12 (+2.15 per cent) |
1232.90 (+0.15 per cent) |
U$0.7482 |
| Aus. Dollar |
|||
| U$0.7466 | |||
Oil edges higher as US producers flounder
The financial woes of US oil producers are fuelling expectation that their output will fall. The latest data from the American Petroleum Institute shows a drop in output to 1.5 million barrels per day; analysts were expecting double that. EIA production figures are due this morning. Both US crude and the international benchmark Brent were up by more than 2 per cent overnight having declined in the previous session.
European stock exchanges unite to take on Wall Street
Two of the largest European stock exchanges are to merge in a bid to compete better with New York. London Stock Exchange Group and Deutsche Boerse have agreed to a “merger of equals” subject to shareholder and regulatory approval. The deal would mean the German firm’s shareholders taking 54.4 per cent and London’s taking 46.6 per cent of the new company. Deutsche’s Carsten Kengeter would become CEO of the merged firm.
