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Asian equities go down from 6-month peak ahead of Fed policy verdict
On Wednesday, Asian stocks dived because investors took profits ahead of a policy decision by the Fed, anticipated to tell more about its interest rate plans for the rest of 2019.
As for EU equities, they were anticipated to start lower. Germany’s DAX, France’s CAC, and Britain’s FTSE slumped 0.5%-0.7% early in the morning.
MSCI's index of Asia-Pacific stocks went down by 0.2%, suppressed by South Korea and Australia.
Additionally, Japan's Nikkei rallied by 0.2%. Mainland Chinese blue-chip stocks stood still.
As for Wall Street stocks, they demonstrated mixed performance, with the S&P 500 inching down by 0.01% and the Nasdaq soaring by 0.12%.
Some market traders told that selling was provoked by a report of American worries that China is actually pushing back against US demands in trade negotiations.
In general, many traders hope there will be a trade deal between the two leading countries, as statesmen from both sides are still locked in talks.
Next week American Trade Representative Robert Lighthizer along with Treasury Secretary Steven Mnuchin will go to China for another round of trade negotiations with China’s Vice Premier Liu He.
Confidence among Asian businesses was still near three-year minimums for the first quarter because the US-China trade conflict resumed, pulling down the world’s economy, which is already diving.
Expectations of a more cautious major US bank have suppressed the evergreen buck, already pressured in 2019 after Powell indicated a pause to the monetary tightening cycle.
The common currency stood still, showing $1.1347, which is close to Tuesday's two-week peak of $1.1362.
Meanwhile, the Australian dollar slumped by 0.1% concluding the trading session at $0.7080.
The European central bank will publish the main refinancing rate and make a statement on Thursday, July 16, at 14:45 MT time. Also, the ECB’s press conference will be later at 15:30 MT time.
Optimism about the Moderna vaccine improved the market sentiment. Let’s have a closer look, what’s happening today.
The Canadian central bank will announce interest rates and make a speech on Wednesday, July 15, at 17:00 MT time. Also, the BOC press conference will be later at 18:15 MT time.