- Anger meets tear gas as Nigeria hardship protests fizzle out
- US dockworkers launch mass strike month before election
- Evacuations from Lebanon: what we know
- Feathers fly at Chanel's Paris fashion return
- UAE oil giant ADNOC swoops on German chemicals firm Covestro
- Eurozone inflation falls under 2% for first time since 2021
- Coldplay ticket scalping fiasco sparks backlash in India
- Droughts drive Spanish boom in pistachio farming
- Tokyo recovers some losses to lead Asian markets higher
- Rural schools empty in North Macedonia due to exodus
- US dockworkers launch strike after labor contract expires
- Thousands evacuated as Super Typhoon Krathon approaches Taiwan
- Kenya airport whistleblower fears for his life
- Sheinbaum to take office as Mexico's first woman president
- Scientists fear underfunded Argentina research on verge of collapse
- US port officials gird for strike despite last-minute bargaining
- With 118 dead from Hurricane Helene, Biden defends US government response
- Breeder who tried to create enormous trophy sheep jailed in US
- Qatar Airways seeking 25% stake in Virgin Australia
- US port officials gird for strike as labor talks stay stuck
- As toll crosses 100, Trump puts Hurricane Helene at election center stage
- US Fed Chair sees 'further disinflation' in economy
- Epic Games sues Google and Samsung over app store
- Officials see no shortages from likely US port strike
- UK families of Gaza hostages warn Lebanon attack 'takes focus away'
- Shares in Stellantis, Aston Martin skid on profit warnings
- Dali prints found in London garage sold at auction
- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
- China stocks soar on stimulus, Europe slides on automaker woes
- German antitrust watchdog steps up monitoring of Microsoft
- Nepal's urban poor count cost of 'nightmare' floods
- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
- Muslim women break taboos navigating east London's waterways
- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
- SpaceX launches mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding as cleanup begins
- SpaceX set to launch mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding
- Boeing strike grinds on as latest talks fail to reach agreement
- Iran 'news' sites, hackers target Trump ahead of US election
- US ports brace for potential dockworkers strike
- Japan's speedy, spotless Shinkansen bullet trains turn 60
RBGPF | 4.79% | 63.86 | $ | |
CMSC | -0.21% | 24.72 | $ | |
RIO | -0.66% | 70.7 | $ | |
CMSD | -1.21% | 24.78 | $ | |
RELX | -0.05% | 47.435 | $ | |
AZN | 0.12% | 78 | $ | |
GSK | -0.9% | 40.515 | $ | |
NGG | 0.42% | 69.962 | $ | |
RYCEF | 0.14% | 7.05 | $ | |
BCC | -0.36% | 140.98 | $ | |
JRI | 0.24% | 13.703 | $ | |
SCS | 2.52% | 13.49 | $ | |
VOD | -0.15% | 10.005 | $ | |
BCE | 0.03% | 34.81 | $ | |
BP | -0.26% | 31.31 | $ | |
BTI | -0.05% | 36.56 | $ |
Stock markets steady awaiting start of Fed meet
Major stock markets mostly steadied Tuesday, with traders braced for a sharp US interest rate hike to curb soaring inflation.
All eyes are on the conclusion Wednesday of the US Federal Reserve's two-day policy meeting, where it is expected to lift borrowing costs by half a percentage point for the first time since 2000.
With the increase widely forecast, investors will be closely looking for clues on the outlook for futures rate rises.
Central banks worldwide are tightening borrowing costs despite concerns such action could hamper financial recovery from the pandemic and even push major economies into recession.
"In a week focused on central bank action, the Bank of England is expected to... (also announce) another rate hike on Thursday, lifting rates to the highest level since 2009," noted Victoria Scholar, head of investment at Interactive Investor.
On Tuesday, the Reserve Bank of Australia lifted interest rates 25 basis points, the first hike since 2010 and by more than expected. Officials also indicated further increases were in the pipeline.
The move sent the Australian dollar briefly rallying more than one percent against the greenback before settling back slightly.
In Europe, eurozone stock markets recovered slightly in afternoon deals following sharp losses Monday.
London fell after a long holiday weekend, with investors catching up with losses elsewhere on Monday.
Traders continued to pore over earnings results from some of the world's biggest companies.
British energy giant BP on Tuesday said its decision to pull out of Russia as a result of the war in Ukraine pushed it deep into the red in the first three months of this year.
But its underlying performance was strong thanks to a recent surge in oil and gas prices.
On Tuesday, crude futures declined ahead of a regular meeting this week of OPEC+.
The body comprising the Organization of Petroleum Exporting Countries plus Russia and other oil-producing nations must decide on output policy amid tight supply fears triggered by the Ukraine war.
- Key figures at around 1130 GMT -
London - FTSE 100: DOWN 0.8 percent at 7,482.07 points
Frankfurt - DAX: FLAT at 13,941.15
Paris - CAC 40: UP 0.1 percent at 6,428.93
EURO STOXX 50: DOWN 0.1 percent at 3,729.03
Hong Kong - Hang Seng Index: UP 0.1 percent at 21,101.89 (close)
Tokyo - Nikkei 225: Closed for a holiday
Shanghai - Composite: Closed for a holiday
New York - Dow: UP 0.3 percent at 33,061.50 (close)
Euro/dollar: DOWN at $1.0503 from $1.0506 on Monday
Pound/dollar: UP at $1.2500 from $1.2489
Euro/pound: DOWN at 84.02 pence from 84.09 pence
Dollar/yen: DOWN at 130.08 yen from 130.16 yen
Brent North Sea crude: DOWN 1.3 percent at $106.23 per barrel
West Texas Intermediate: DOWN 1.5 percent at $103.63 per barrel
Y.Ibrahim--CPN