European, Asian stocks fall on Fed policy meeting outcome - GulfToday

European, Asian stocks fall on Fed policy meeting outcome


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Gulf Today Report 

European stocks declined on Wednesday as investors await US Federal Reserve’s policy meeting outcome and BMW recorded gains. 


The pan-European STOXX 600 index edged 0.02% lower in early trading.


BMW gained by 1.9% following its expectations of a significant year-on-year increase in group pre-tax profit in 2021 as it forecast a strong performance in all of its segments.


The auto manufacturing sector gained by 0.8% leading the surge in Europe. 



Gold prices rise on likelihood of inflation


Oil prices gain as US crude stocks decline


Major auto firms plan expansion in electric vehicle manufacturing

Asian stocks


Asian stocks declined on Wednesday as markets globally await US central bank’s latest assessment on the economy.


Japan's benchmark Nikkei 225 inched down less than 0.1% to finish at 29,914.33. South Korea's Kospi slipped 0.6% to 3,050.17. Australia's S&P/ASX 200 dipped 0.5% to 6,795.20. Hong Kong's Hang Seng edged down nearly 0.1% to 29,014.67, while the Shanghai Composite was little changed, down less than 0.1% at 3,444.70. 


Economists are hopeful that Fed Chair Jerome Powell will make an announcement that the central bank will continue to provide support without igniting inflation, thereby, calming jittery financial markets. 


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