Economy

Wall St opens flat as investors await Fed decision

Wall St opens flat as investors await Fed decision”

Investors were in reflection mode after the Federal Reserve announced an October start for the "great unwind".

Analysts said market will also be looking for clues of whether the Fed will raise rates in December.

The statement may offer details on how the central bank plans to start shrinking its $4.5 trillion balance sheet.

Meanwhile, European stocks have moved mostly higher on the day. With the upward move on the day, all three of the major averages ended the session at record closing highs. The average has climbed to a two-month intraday high.

USA benchmarks were nervously to-ing and fro-ing ahead of the Fed's monetary policy update.

Best Buy BBY.N fell 8 percent after the No. 1 US electronics retailer forecast fiscal 2021 adjusted earnings well below Wall Street estimates.

Shares of Nabriva Therapeutics soared 90 percent after the company said its drug to treat community-acquired bacterial pneumonia met the main goal of a late-stage study. However, London's fell 0.24% as miners put pressure on the British index. Industrial production fell 0.9%, the biggest monthly drop since May 2009, and significantly below estimates for a 0.1% increase. Export prices had been expected to edge up by 0.2 percent. Advanced Micro Devices (AMD) increased 2.1% and Texas Instruments (TXN) added 1.9%. Shares of smaller wireless carrier T-Mobile TMUS.O rose 5.9 percent and Sprint S.N jumped 6.8 percent, following a report they were in active merger talks.

The US dollar strengthened after the news, gaining 0.28% on the pound and 0.99% against the Euro. The advance lifted the index to its best closing level in over a month. An ounce of gold is trading at USD1,292.70, down USD23.70 compared to the previous session's close of USD1,316.40.

Asian stocks recouped early losses to end mixed on Wednesday following positive overnight cues from Wall Street and Europe.

US stocks have been breaching record levels, with the Dow clocking a closing record for the fifth day in a row on Monday and the S&P closing at a record for the second consecutive session.

Chinese stocks ended on a firm note amid optimism that Beijing will maintain stability in financial markets ahead of next month's key party congress meeting.

Health index was the biggest laggard on the S&P, pulled lower by United Health's 2.2 percent fall. Japan's Nikkei 225 Index inched up by 0.1%, while Australia's S&P/ASX 200 Index dipped by 0.1%.

Investors are now turning their attention to next week's Federal Open Market Committee meeting, where an interest-rate hold is widely expected. Across the Korean Strait, the Kospi edged down 0.13%. British home improvement retailer Kingfisher has also jumped after its first-half profit beat forecasts.

With the unexpected decrease, existing home sales fell to their lowest annual rate since hitting 5.34 million last August. Existing home sales are expected to rise by 0.3 percent. The speech is scheduled at 10:30 a.m. ET (1430 GMT).

In commodities trading, crude oil futures are falling USD0.45 to USD50.24 a barrel after jumping USD0.93 to USD50.41 a barrel on Wednesday. A press conference is due later.

In overseas trading, stock markets across the Asia-Pacific region turned in a lackluster performance during trading on Wednesday.

Alnylam Pharmaceuticals Inc (NASDAQ:ALNY) was a very notable riser, adding nearly 53% to $114.80 as it reported positive Apollo phase 3 results.



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