Dow jumps 100 as Fed meeting kicks off

Global stock market stock market global shares worst hit world market worst hit dow jones shares facebook shares Federal meeting world news latest world news indian express indian express news

Shares of Facebook Inc shed almost 7 percent after reports that a political consultancy that worked on Trump's 2016 campaign gained inappropriate access to data on 50 million of the social network's users.

Asian stocks ended mixed on Wednesday as oil prices surged and investors braced for a 25 basis points United States rate hike under new Federal Reserve Chairman Jerome Powell later in the day.

It had struggled as the gap between 10-year German and US government yields, referred to as the "transatlantic spread", ratcheted out to its widest since December 2016.

Many analysts had been expecting that spread to narrow as the European Central Bank neared the end of its stimulus this year but it hasn't proved the case.

The Fed "will have to go some to really move the needle on market thinking or indeed, to take the dollar out of its current range and the FX market out of its mindset", said Kit Juckes, chief FX Strategist at Societe Generale.

Adam Cole, chief currencies strategist at RBC Capital Markets, said a "knee-jerk reaction" to the Fed flagging four hikes this year may see the dollar strengthen against the euro. Markets are pricing in three rises this year but some reckon policymakers could squeeze in a fourth, which might trigger a bond and equity selloff.

Elsewhere, the Canadian dollar and Mexican peso gained after reports that the US government administration had dropped a demand related to auto exports, removing a barrier to a deal for a new North American Free Trade Agreement. India's Sensex was rising 0.6 percent, Indonesia's Jakarta Composite index was up as much as 1 percent, Singapore's Straits Times index was moving up 0.2 percent and the Taiwan Weighted finished marginally higher.

"The economic situation post tax cuts also justifies a significant shift upwards in the dot plot", he added, referring to fears the Fed's de facto policy forecast chart could signal four rate rises rather than three, due to the economic boost delivered by Trump's tax reforms.

It will be the first media conference for new Fed chairperson Jerome Powell. "Expected is a confident Fed Chair, both with respect to the economy's strength and the Fed's approach to policy", said analysts at Westpac in a note. "Gradual and timely are the operative words for policy".

Pike County Sheriff's Department Searching for Dollar General Robbery Suspect
They then took out their guns and aimed them at the guards while the others headed to Clicks and forced open its doors. A 53-year-old man was robbed at Slacks Creek on Wednesday morning, March 14, after withdrawing cash from an ATM.

"The worst case is the '18 and '19 dots both move up - the Fed is now guiding to five hikes in '18 and '19 combined but under this scenario that would shift to seven hikes", they warned in a note to clients. "Stocks would probably tolerate one net dot increase over '18 and '19, but a bump in both years could create problems".

The Wall Street Journal Dollar Index, which measures the USA currency against a basket of 16 others, was recently up 0.4% at 84.15.

Trade will be top of the agenda at a two-day G20 meeting starting later on Monday in Buenos Aires and any signs of escalating stress between the USA and China could make investors in Asia nervous.

Dealers cite concerns about the U.S. budget and current account deficits, chaos in the White House, better growth in overseas markets, particularly Europe, and the risk of a US-led trade war, as among the reasons.

The prospect of higher US interest rates was been a burden for non-yielding gold, which slipped 0.8 per cent last week. The Canadian dollar CAD=D4 held at $1.3029 after hitting $1.3124 on Monday, a low not seen since mid-2017.

The US dollar was off 0.3% at ¥105.69 and not far from its recent trough at ¥105.24.

The greenback's weakness - it fell 10 percent a year ago - is at least partly down to USA capital seeking to invest overseas amid robust world growth.

Among the major commodities, oil prices jumped in line with the dollar and as investors remained wary of growing crude supply although tensions between Saudi Arabia and Iran provided some support.

Related news:

Hot News

isis-killer-beheading-video-story-top Kabul blast: At least 28 killed, 18 injured, says interior ministry official
Mar 21, 2018 - 14:15
Nasrat Rahimi, the deputy spokesman for the Interior Ministry, says another 18 people were wounded in Wednesday's attack. Shiites mark the Persian new year, known as Nauruz in Afghanistan , by visiting shrines.

isis-killer-beheading-video-story-top Sensex climbs 139 points to close above 33000-mark
Mar 21, 2018 - 14:13
Rupee is trading at 65.19 against the USA dollar in early trade ahead of the Federal Reserve's policy decision. Meanwhile, the wider NSE Nifty rose 99.50 points or 0.98% to 10,223.85 at 10.20 am.

isis-killer-beheading-video-story-top Jayalalithaa was reluctant to go to hospital, Sasikala tells inquiry panel
Mar 21, 2018 - 14:10
Sasikala is said to have suggested that Jayalalithaa visit a doctor at the hospital, but the latter turned down the suggestion. Sasikala gave the panel a list of 20 doctors who treated Jayalalithaa between November 2014 and September 2016.

isis-killer-beheading-video-story-top USA oil inventories decrease amid bullish market
Mar 21, 2018 - 13:59
Many analysts expect global oil markets to flip from slight undersupply in 2017 and early this year into oversupply later in 2018. The US rig count, an early indicator of future output, is much higher than a year ago as energy companies have boosted spending.

isis-killer-beheading-video-story-top PGA tightens security at Dell Match Play in wake of Austin bombings
Mar 21, 2018 - 13:49
Rory McIlroy , who won last week at Bay Hill with a sparkling final-round 64, is in the field. Day's fellow countrymen Marc Leishman and Cameron Smith complete the Australian contingent.

isis-killer-beheading-video-story-top State outlasts UMBC; will advance to Sweet Sixteen
Mar 21, 2018 - 13:17
Even if it was about time for an unprecedented upset to occur, Virginia looked like one of the least likely potential victims. Frankly, the question wasn't whether the Cavaliers would win this game, but if they'd get to the Final Four and win it all.

isis-killer-beheading-video-story-top MS governor intends to appoint former Democrat to Cochran's Senate seat
Mar 21, 2018 - 13:07
Chris McDaniel and Democrats who would like to nab a MS senate seat as part of an effort to overturn a slim GOP majority. Hyde-Smith's appointment will further bolster the record-breaking number of women now serving in the U.S.

isis-killer-beheading-video-story-top Jay-Z and Beyonce coming to Ohio Stadium during concert tour
Mar 21, 2018 - 13:03
The tour closed with two worldwide dates in Paris, France that were filmed for an HBO special that received an Emmy nomination. Meanwhile, Beyonce and JAY-Z have announced more U.S. dates for their upcoming "On The Run 2" world tour due to large demand.

isis-killer-beheading-video-story-top England goalie hopeful Pope says it's every man for himself
Mar 21, 2018 - 12:52
One thing's for sure, Nick Pope the soccer player has been out of this world this season. He's a top guy, and it has shone through'.

isis-killer-beheading-video-story-top Stock Valuation Recap for NVIDIA Corporation (NASDAQ:NVDA)
Mar 21, 2018 - 12:50
It is negative, as 39 investors sold PDCO shares while 102 reduced holdings. 118 funds opened positions while 525 raised stakes. Since January 26, 2018, it had 1 insider purchase, and 0 insider sales for $43,446 activity. 8,707 Mohawk Industries, Inc.

isis-killer-beheading-video-story-top Putin, Trump discuss potential meeting
Mar 21, 2018 - 12:49
John McCain and others for calling Putin on Tuesday to congratulate him for his re-election. Trump has said there was no collusion between his presidential campaign and Russians.

isis-killer-beheading-video-story-top Texas serial bombing suspect dead after detonating device in his vehicle
Mar 21, 2018 - 12:32
In a statement on social media, the Schertz Police Department said one person received medical attention at the scene. The agency tweeted they were on the scene early Wednesday morning where heavy police activity was being reported.

isis-killer-beheading-video-story-top Microsoft and BlackBerry announce partnership to make work phones more secure
Mar 21, 2018 - 10:48
The Company trades under the ticker symbol "BB" on the Toronto Stock Exchange and New York Stock Exchange. BlackBerry is not responsible for any third-party products or services.

isis-killer-beheading-video-story-top Kevin Garnett Predicts Marcus Morris' Game-Winner, Loses Mind When Celtics Win
Mar 21, 2018 - 10:42
But rather than forcing a low-percentage look, Tatum found Marcus Morris behind the arc. "It was a tough shot", Paul George said. With five losses in their last seven games, the Wolves (41-31) had fallen into eighth place in the Western Conference.

isis-killer-beheading-video-story-top US unafraid of trade war after G20 meet
Mar 21, 2018 - 09:54
Countries including Germany, France, Argentina and Brazil had expressed concern over U.S. protectionism at the meeting. Calls have also been made to enhance protections for those holding the currencies.