Global Stocks Edge Up Ahead of Fed Policy Decision
January 29 2020 - 5:55AM
Dow Jones News
By Steven Russolillo and Avantika Chilkoti
Global stocks ticked up on Wednesday as investors focused on
major U.S. and European companies' results while awaiting fresh
insights on the economy from the Federal Reserve.
Futures tied to the Dow Jones Industrial Average edged up 0.1%,
and the Stoxx Europe 600 index gained 0.4%. In Hong Kong, where
markets opened for trading for the first time since the Lunar New
Year holidays began, the benchmark Hang Seng Index closed down 2.8%
as investors weighed the impact of the fast-spreading coronavirus
outbreak in China.
Later in the day, U.S. companies including McDonald's, Boeing,
Mastercard, Microsoft, Facebook and Tesla are scheduled to report
earnings for the latest quarter.
And while the Fed is widely expected to hold interest rates
stable when it concludes its latest round of policy meetings this
evening, investors are likely to be watching for fresh cues on how
the U.S. central bank controls short-term rates. Policy makers will
be looking to unwind a program that began last year when the Fed
flooded markets with cash to avoid fresh spikes in overnight
lending rates. Chairman Jerome Powell's comments at a press
briefing may also provide hints of what lies ahead for the world's
largest economy.
In Europe, corporate earnings triggered some of the most
significant moves in equities. Banco Santander rose 3.5% after the
Spanish bank's fourth-quarter profit beat expectations and its core
capital ratio climbed. Royal KPN lost over 7% in Amsterdam after
the Dutch telecommunications company warned that its consumer
segment is under pressure from competitors.
In Asia, where markets have been roiled by the rapid spread of
the coronavirus originating in central China, the death toll
climbed to at least 132 and confirmed infections rose to about
6,000 people. Trading in mainland China is scheduled to resume next
week after authorities decided to delay the reopening of
exchanges.
The Hong Kong government unveiled measures on Tuesday to limit
travel to and from mainland China to try to contain the outbreak,
though it stopped short of completely shutting the border. So far,
there have been eight confirmed cases of coronavirus in Hong
Kong.
(END) Dow Jones Newswires
January 29, 2020 05:40 ET (10:40 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Boeing (NYSE:BA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Boeing (NYSE:BA)
Historical Stock Chart
From Sep 2023 to Sep 2024