U.S. Stock Market Attempts to Climb Ahead of Expected Fed Rate Hike

U.S. stock-market indexes were tentatively higher on Wednesday as investors awaited a decision from the Federal Reserve, which is widely expected to increase rates by a quarter of a percentage point and offer details on path forward for monetary policy.

The S&P 500 rose 4 points, or 0.2%, to 2,791, with six of the 11 main sectors trading lower. Telecoms shares were among the worst hit, with the sector down more than 3% after Tuesday’s court ruling that AT&T can go ahead with its nearly $ 85 billion acquisition of Time Warner.

The Nasdaq Composite added 42 points, or 0.5%, to 7,746 and set an intraday record at 7,747.16.

The Dow Jones Industrial Average edged 22 points, or 0.1%, to 25,340.

Source : Market Watch

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Nikkei Tumbles to 6-Week Low on Italian Crisis; BOJ’s ETF Buying Expected

Japan’s Nikkei share average tumbled to six-week lows on Wednesday morning after political turmoil in Italy sparked concerns about the stability of the euro zone, hurting most sectors on the board.

Traders said they expected the Bank of Japan to buy exchange-traded funds to support the market amid the morning weakness. The BOJ had bought ETFs for five straight sessions up until Tuesday as part of its wider policy of supporting asset prices in the economy.

The Nikkei dropped 1.4 percent to 22,043.53 in midmorning trade while after falling to a six-week low of 21,931.65. The broader Topix dropped 1.6 percent to 1,734.08. The Nikkei managed to stay above its 75-day moving average of 21,920.77, which has become the index’s immediate support level.

Source : Reuters

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Asia Shares Shrug Off Rate Hike Overhang as Fed Move Expected

Asian shares gained for the first time in five days as the Federal ReserveA?a��a�?s first interest-rate hike under new Chairman Jerome Powell passed without surprising the market.

The MSCI Asia Pacific Index gained 0.3 percent to 177 as of 4:20 p.m. in Hong Kong, ending a four-day decline, after the Fed raised rates a quarter-point and forecast a steeper path of hikes in 2019 and 2022 amid an improving economic outlook. JapanA?a��a�?s Topix rose despite a stronger yen, while Hong KongA?a��a�?s Hang Seng Index erased earlier gains as heavily-weighted Tencent Holdings Ltd.slumped after earnings. The Philippines was the bright spot in the region, with its benchmark rising the most since December 2016.

Source : Bloomberg

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