Global Stocks Waver Ahead of Fed Decision
July 31 2019 - 6:35AM
Dow Jones News
By Lauren Almeida
-- S&P 500, Dow futures climb
-- Crude prices tick higher
-- Asian stocks drop, European shares waver
U.S. stock futures rose ahead of a Federal Reserve policy
decision Wednesday when the central bank is expected to cut
interest rates.
Futures tied to the S&P 500 and the Dow Jones Industrial
Average were up 0.2% and 0.3% respectively.
Shares in Apple Inc. were up 4.4% in off-hours trading, on the
back of strong second-quarter revenue growth reported Tuesday after
the closing bell.
Advanced Micro Devices Inc. fell 5.5% out-of-hours after it
projected weaker-than-expected revenue growth for its current
quarter on Tuesday.
Elsewhere, the Stoxx Europe 600 was broadly flat, with gains in
construction largely offset by losses in the real-estate sector.
Figures released by the European Union's statistics agency showed a
slowdown in gross domestic product during the second quarter.
Shares of Next, the British clothing company, notched the
biggest rise in the region at 9.2% after it lifted its forecast for
profit and sales.
Glanbia PLC, an Irish food-nutrition firm, fell 15% after it
issued a profit warning for 2019 and posted lower first-half
earnings.
Earlier, Asian stocks were rattled after tweets from President
Trump Tuesday dampened expectations for a breakthrough in
U.S.-China trade talks.
"There are issues that make a comprehensive and durable deal
quite difficult to achieve," said Arnab Das, global market
strategist at Invesco, adding that he doesn't expect a complete
breakdown or a Brexit-type risk of a no-deal.
Hong Kong's Hang Seng was down by 1.3% and the Shanghai
Composite Index fell by 0.7%.
Shares of Chinese property developers fell after the country's
leadership vowed not to use the real-estate market as a tool to
arrest an economic slowdown. At a meeting Tuesday, the Communist
Party's top decision-making body reiterated that housing is "used
for living, not for speculation," adding it "will not use real
estate as a short-term means of stimulating the economy."
In the U.S., the yield on the 10-year Treasurys edged down to
2.056% from 2.063% Tuesday. Yields fall when bond prices rise. The
WSJ Dollar Index, which measures the currency against a basket of
peers, was flat.
On the earnings front, General Electric and Qualcomm are among
the large companies due to report Wednesday.
Global oil benchmark Brent crude was up 0.7% at $65.11 a barrel,
amid continued tensions in the Middle East and expectations of
lower interest rates in the U.S. Gold edged up 0.1%.
Shen Hong contributed to this article.
Write to Lauren Almeida at lauren.almeida@wsj.com
(END) Dow Jones Newswires
July 31, 2019 06:20 ET (10:20 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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