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US stocks advanced on Monday after former Treasury Secretary Lawrence Summers withdrew as a candidate for Federal Reserve chairman, lifting some market uncertainty about what was heading towards a contentious confirmation process. (Reuters)
Asian shares slipped slightly and the dollar treaded water on Tuesday, as global markets braced for the outcome of the US Federal Reserve’s two-day policy meeting at which it is widely expected to begin withdrawing stimulus.
The dollar stayed near a four-week low on Tuesday after Lawrence Summers’ withdrawal from the race to lead the Federal Reserve reduced expectations of a faster pace of monetary policy tightening by the US central bank.
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US dollar stayed at a four-week low. Reuters[/caption]
Gold hovered near a five-week low on Tuesday as traders waited for guidance on when the US Federal Reserve will begin tapering its massive economic stimulus. Spot gold had risen 0.1 percent to $1,315.10 an ounce by 0015 GMT, after falling 1 percent in the previous session to a five-week low of $1,303.85. US gold dropped $2.50 to $1,315.30.
Brent crude for delivery in November fell by 0.5 percent to $109.53 a barrel, moving further away from the six-month high of $117.34 a barrel reached in late August on worries about a possible US military strike against Syria.
SGX Nifty Futures on the Singapore Stock Exchange was down a marginal 0.13 percent at 5854 today morning, indicating a flat to downward opening in the domestic bourses.
Stocks in news
Sesa Goa, as the Supreme Court is likely to hear Goa illegal mining case today.
United Breweries Holding Ltd, after the news the Karnataka high court will hear a winding up plea against the company.
Impact Shorts
More ShortsRanbaxy, as the company has continues to be elusive about the new import alert against its Mohali unit.
Economy
India’s wholesale price-based inflation rose to hit a 6-month high of 6.1 percent in August on higher food prices, the government data showed. The data has indefinitely postponed any rate cut by the central bank.