All eyes on the Federal Reserve
US markets lacked direction but changed little ahead of tomorrow’s Federal Reserve meeting that most are expecting will result in an interest rate increase.
The Dow spent most of the day in negative territory before closing at 20,881 points, representing a decline of 0.1%.
The NASDAQ put in a better performance, starting on its previous day’s close of 5861 points before tracking up to close near its intraday high of 5877 points, representing a gain of 0.2%.
European markets were buoyed by solid increases in most base metals, but tended to plateau out leading up to the close of US markets.
Notwithstanding that trend there was a strong lead from Rio Tinto plc with its shares rallying nearly 4%.
The FTSE 100 closed at 7367 points, up 0.3%.
While other European markets finished in positive territory the gains weren’t as substantial with the DAX up 0.2% and the Paris CAC 40 gaining 0.1%.
The oil price was relatively flat, hovering in the vicinity of US$48.50 a barrel.
There was also little movement in the gold price as it closed at US$1203 per ounce.
Elsewhere on the commodities front, nickel was the standout performer, increasing from the previous day’s close of US$4.45 per pound to close in the vicinity of US$4.60 per pound. Zinc and copper were both up by about 1%.
The Australian dollar is currently fetching just above US$0.755.
While all the talk will be on the Fed Reserve’s interest rate decision, there will be some interesting local data released today in the way of the NAB Business Confidence report.
February retail sales figures coming out of China will also be of interest as they cycle against a relatively strong 10.4% in January.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of Maven Capital Pty Ltd (AFSL No. 418504). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.