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Daily Review 21.09.2016

Global stocks mixed as market focuses on Fed and BOJ policy meetings

Major equity markets took different routes on Tuesday as investors play the waiting-game regarding the outcome of the Federal Reserve and Bank of Japan two-day policy meetings that will end on September 21.

Expectations on the announcement of the interest rate hike by the Federal Reserve are on ultra-low but all eyes are on Fed Chair Janet Yellen’s speech that could provide clues on rate hikes at the end of the year while economists anticipated that Japan’s central bank will further cut interest rates to negative territory.

In Asia, Japan’s main Nikkei 225 index lost 27.14 points, or 0.16% at  16 492.12 while Korea’s KOSPI added 9.93 points, or 0.49% at 2025.71.

Australia’s ASX 200 advanced 8.8 points or 0.17% at 5303.60 while Hong Kong’s Hang Sang Index closed flat at 23 543.36.

The Chinese market equities finished just above the flat line as Shanghai and Shenzhen Composite closed 3023.30 and 2000.06 respectively.

Across Europe, the pan European STOXX 600 was up 0.06% while the German DAX and the French CAC were both unchanged. UK’s FTSE futures settled 0.25% higher by adding 17.24 points at 6830.79.

In New York, the Dow Jones futures climbed 9.79 points, or 0.5%, to close at 18 129.96. The S&P 500 index was little changed at 2 139.76 after adding 0.64 point or 0.03% while the NASDAQ Composite settled  6.33 points higher, or 0.12% at 5 241.35.

Dollar edges up as investors become cautious on on-going central banks consultations

The US dollar finished stronger against its major counterparts as investors became more cautious amid the on-going meetings of the Federal Reserve and Bank of Japan.

The dollar index, which measures the greenback against a basket of major currencies, surged by 0.2% and was last trading at 95.995.

Against the euro, the greenback strengthened 0.8% at 1.1155 while appreciated 0.2% against the Japanese yen at 102.98.

The dollar received a big boost on Tuesday trading from the selling of British pound that slipped 0.5%. Sterling closed 0.53% lower at 1.2955, the lowest level since August 16.

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