Morning Briefing: Equities lower ahead of Fed

Morning Briefing: Equities lower ahead of Fed

Morning Briefing: Equities lower ahead of Fed Equities lower ahead of Fed
The Fed’s policy committee begin a two-day meeting Tuesday and the markets will be awaiting news on interest rates and other clues on the US economy; although the consensus is for no rate rise this time.

Asian equities have closed mixed with Sydney closing lower after a break for Anzac Day yesterday; Tokyo also ended lower with investors awaiting the BoJ interest rate decision Thursday. Shanghai, Seoul and Hong Kong all closed higher.

In Europe, most markets are higher but cautious ahead of the central banks; Paris is lower so far.
Wall Street and Toronto are expected to open slightly higher.
 
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North America (previous session)
US Dow Jones 17,977.24 (-0.15 per cent) +2.63 per cent -0.57 per cent
TSX Composite 13,795.99 (-0.56 per cent) +3.28 per cent -10.46 per cent
 
Europe (at 5.30am ET)
UK FTSE 6,280.30 (+0.31 per cent) +2.85 per cent -11.18 per cent
German DAX 10,301.52 (+0.07 per cent) +4.57 per cent -12.78 per cent
 
Asia (at close)
China CSI 300 3,179.16 (+0.54 per cent) -0.58 per cent -32.40 per cent
Japan Nikkei 17,353.28 (-0.49 per cent) +2.06 per cent -13.32 per cent
 
Other Data (at 6.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
44.71
(+0.52 per cent)
42.89
(+0.59 per cent)
1236.20
(-0.32 per cent)
U$0.7906
 
Aus. Dollar
U$0.7734

IMF welcomes Saudi plans to diversify
Saudi Arabia is eyeing a future where it is not reliant on oil and the IMF has generally welcomed the news. A raft of changes to policy and regulations in the Kingdom will mean a diversified economy but the IMF’s Masood Ahmed said it was the right move but that there should be a focus on increasing private investment.

Ahmed told CNBC: "I think a lot of the growth has to come not from the investment of public money but from the attraction of private money because the growth model in Saudi Arabia and many of the Gulf countries has been one where the state has been playing a big role in terms of investment and being an economic agent.”