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Market Review

US:

US stocks pulled back from records on Tuesday as the Federal Reserve kicked off its September policy meeting.

Asia:

Asia-Pacific markets traded mixed Wednesday, after Wall Street declined as investors awaited the key monetary policy decision from the U.S. Federal Reserve’s two-day meeting, where it is expected to cut interest rates

India:

The Indian market ended higher on Tuesday, with the Sensex climbing more than 590 points and the Nifty 50 breaching the 25,230 level, as a number of factors, from gains in auto stocks to optimism over U.S. trade negotiations and expectations of a U.S. Federal Reserve rate cut, shaped investor sentiment. Market is expected to open on a positive note and likely to witness positive move during the day.

Global:

Singapore’s non-oil domestic exports fell 11.3% in August from the same month a year earlier, as exports of both electronics and non-electronics fell. The forecast for an annual rise of 1.0%, and followed a revised fall of 4.7% in July. Non-oil exports to Indonesia, the U.S. and China declined in August, but rose to the European Union, Taiwan and South Korea, Enterprise Singapore said. Despite having a free-trade agreement and running a trade deficit with the U.S., Singapore has still been slapped with a 10% tariff rate by Washington. Singapore’s exports to the United States dropped by an annual 28.8% in August, following a 42.8% fall in July.

Japan’s trade balance shrank less than expected in August, aided chiefly by better-than-expected exports as the finalization of a Tokyo-Washington trade deal offered exporters some clarity. But local demand remained weak, with Japanese imports shrinking far more than expected. Japan’s trade balance showed a deficit of 242.5 billion yen ($1.66 billion), smaller than expectations for a deficit of 513.6 billion yen, but the trade deficit did widen sharply from a 118.4 billion yen deficit in the prior month. Exports shrank less than expected– 0.1%, against forecasts for a drop of 1.9%, while also improving from a 2.6% drop in the prior month.

Commodities:

Oil prices held steady in early trading on Wednesday, after rising more than 1% in the previous session on drone attacks on Russian ports and refineries, while traders awaited an expected rate cut from the U.S. Federal Reserve

Gold prices hovered near all-time highs on Wednesday as expectations for a Federal Reserve interest rate cut later in the day dented the dollar and U.S. bond yields, boosting demand for the precious metal.

Currency:

The U.S. dollar loitered near four-year lows against the euro and a one-month trough against the yen on Wednesday, as traders geared up for a near-certain interest rate cut from the Federal Reserve later in the session.

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