Stock market today: World shares are mostly higher as Wall Street gears up for an interest rate cut
Shares are mostly higher in Europe and Asia as world markets await an expected interest rate cut by the Federal Reserve
Shares mostly advanced in Europe and Asia on Tuesday as world markets awaited an expected interest rate cut by the Federal Reserve.
Oil prices were mixed and U.S. futures edged higher.
Apart from the Federal Reserve’s most anticipated meeting in years, which wraps up on Wednesday, traders also were awaiting U.S. retail sales data that will provide a glimpse into the state of the economy.
Germany's DAX rose 0.% to 18,704.36 and the CAC 40 in Paris climbed 0.5% to 7,485.77. In London, the FTSE 100 surged 0.7% to 8,338.42.
The futures for the S&P 500 and the Dow Jones Industrial Average edged 0.2% higher.
In Asian trading, Tokyo’s Nikkei index fell 1% to 36,203.22 and the Hang Seng in Hong Kong advanced 1.4% to 17,660.02.
Markets in mainland China and South Korea were closed.
Australia's S&P/ASX 200 gained 0.2% to 8,140.90.
Markets have been eagerly awaiting the decision by the Fed, which is expected to cut its key rate for the first time in more than four years after keeping rates high to tamp down inflation. The main question is how much relief for the economy the Fed will deliver.
“The warning is that markets steeped in rich policy expectations are ripe for volatility,” Mizuho Bank said in a commentary. “Accordingly, it may be best to be braced for (policy) curveballs that could potentially force market re-pricing.”
On Monday, the Dow rose 0.6% to surpass its prior all-time high set a few weeks ago. It closed at 41,622.08.
The S&P 500 index, which is much more comprehensive and widely followed on Wall Street, ticked up by 0.1%, ending at 5,633.09.
The Nasdaq composite slipped 0.5% to 17,592.13
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