Indices Bullish Ahead of Fed Meeting
June 17, 2014 9:20 pmVideo
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June 17, 2014 – Indices News
Asian markets have gone down for the most part for all countries except Japan, which benefited from a declining yen. The key factor behind today’s movement has been worse than expected foreign investment data from China, which fueled bearish sentiment in Asia. Given the importance of foreign firms and markets in China’s economy, a slowdown in investment is often seen as a precursor to reduced foreign demand for Chinese goods. Australian equities also performed poorly as the possibility of reduced activity in China threatens to put a damper on the nation’s natural resource exports. All in all, the Nike rose 0.29%, the Hang Seng dropped 0.42%, and the ASX 200 dropped 0.22%.
European markets have risen today as anxiety from the conflict in Iraq dies down. Though Eurozone data was not especially promising today, investors are bullish ahead of the FOMC interest rate decision and statement tomorrow. The Fed is expected to continue tapering the stimulus amid generally strong US economic performance. Given the importance of the US market for European firms, positive news from the FOMC is taken quite bullishly. The Stoxx 50 climbed 0.43%, the FTSE climbed 0.18%, and the DAX closed up 0.37%.
American markets are also advanced ahead of the Federal Reserve’s interest rate decision. The largest source of upward movement is coming from smaller stocks -which have made an impressive rally today. Also helping fuel bullish sentiment was higher than expected inflation data, which indicates that a harmful decline in prices is unlikely and that the Fed will be justified in continuing to taper the stimulus. Now, the Dow is up 0.16%, the S&P is up 0.22%, and the Nasdaq is up 0.37%.
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