Stocks Trade Mixed Before Fed Meeting, Earnings
Faizan Hashmi 2 months ago Mon 26th April 2021 | 04:50 PM
The Dollar largely struggled before the Fed's rate decision Wednesday.
"Vaccinations in the US and UK are positive, a startling rise in infections in India is a negative, but markets are largely looking through the bad with ample monetary and fiscal support," added Wilson.
The Federal Reserve update comes a day before the US posts its latest economic growth data.
"So far, the strength of US data has not prevented the Fed from keeping the quantitative easing taps wide open.
"But if the improvement in data persists then it will only be a matter of time before the Fed tapers its emergency stimulus measures.
" Wall Street advanced Friday on strong readings for US and European manufacturing and services activity, eclipsing worries over President Joe Biden's plan to almost double capital gains tax.
However, Biden's $2.25-trillion infrastructure plan could take longer to get through Congress than hoped after a member of his own Democrat party opposed the size of it and backed a slimmed-down version put forward by Republicans.
Still, trading floors remain on edge over spiking virus infections around the world, with India seeing five straight days with more than 300,000 new cases each, in a surge that has overwhelmed hospitals and left severe oxygen and medicine shortages.
Mumbai stocks however rose more than one percent on Monday.
- Key figures around 1100 GMT - London - FTSE 100: FLAT at 6,935.75 points Frankfurt - DAX 30: DOWN 0.1 percent at 15,261.00 Paris - CAC 40: UP 0.1 percent at 6,261.07 EURO STOXX 50: DOWN 0.1 percent at 4,010.89 Tokyo - Nikkei 225: UP 0.4 percent at 29,126.23 (close) Hong Kong - Hang Seng Index: DOWN 0.4 percent at 28,952.83 (close) Shanghai - Composite: DOWN 1.0 percent at 3,441.17 (close) New York - Dow: UP 0.7 percent at 34,043.49 (close) Euro/dollar: DOWN at $1.2092 from $1.2097 Pound/dollar: UP at $1.3902 from $1.3876 Euro/pound: DOWN at 86.97 pence from 87.18 pence Dollar/yen: DOWN at 107.75 Yen from 107.88 yenBrent North Sea crude: DOWN 1.7 percent at $64.97 per barrelWest Texas Intermediate: DOWN 1.6 percent at $61.14 per barrel.