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US Federal Interest Rate Decision Due This Evening, S&P Sees Highest Close in a Month
September 17, 2015 6:28 amVideo
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Asian stocks edged up to a three-week high on Thursday while the Dollar drifted lower against other currencies as investors consolidated positions ahead of a nail-biting U.S. Federal Reserve policy decision.
Japanese shares headed higher on Thursday despite trade data for August coming in below market expectations. Exports rose 3.1% from a year ago, less than forecasts of a 4% increase, while imports fell a more-than-expected 3.1% in the same period. Japan’s benchmark Nikkei 225 index was up 1.3% to 18,408.76 in morning trade.
Overnight on Wall Street, the S&P 500 index rose 0.9 percent to 1,995.31, its highest close in almost a month. It has pared back about half of the losses made in a fall from July to late August. The Dow closed up 0.84% at 16, 739.95 and the NASDAQ closed up 0.59% at 4, 889.24.
The Dollar edged lower after the consumer price figures, with the Dollar’s index against a basket of six major currencies slipping to 95.323 from this week’s high of 95.845.
Gold prices rose 1.3 percent on Wednesday to $1,119.50 per ounce. Silver jumped 3.9 percent to $14.96 per ounce, its highest level in more than three weeks.
Oil prices held on to Wednesday’s sharp gains that followed news of a large U.S. crude drawdown at the key U.S. delivery point of Cushing, Oklahoma. The data eased worries about over supply and helped to boost battered energy stock prices.
In the equity space, Glencore is in talks with Franco-Nevada Corp , Silver Wheaton Corp, Royal Gold Inc and two other companies to sell portions of the future production of three South American copper mines, two sources with knowledge of the talks said.
Traders will be eagerly awaiting the decision of this evening’s FOMC Federal Funds Rate and the end of their two day meeting which could offer the first interest rate hike since the 2008 global recession.
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