Global markets update: US stocks edge higher ahead of Federal Reserve meet
US stocks edged higher on Monday ahead of the Federal Reserve monetary policy meeting.
The US central bank is widely expected to hike its interest rates on Wednesday to its highest level since 2001.
The S&P 500 rose 18.30, or 0.4%, at 4,554.64. The Dow Jones Industrial Average gained 183.55, or 0.5%, at 35,411.24. The Nasdaq composite added 26.06, or 0.2%, at 14,058.87.
Shares of Chevron rallied 2% after it reported a stronger profit than expected.
A report showed that the US services industry is continuing to grow, but at a slower pace than economists expected.
A preliminary report from S&P Global showed that growth in business activity during July appears to be at its slowest in five months.
Bond market
The yield on the 10-year treasury rose to 3.87% from 3.84% late Friday.
Currencies
The US dollar fell to 141.44 Japanese yen from 141.82. The euro fell to $1.1071 from $1.1126.
Europe
European stocks were marginally higher on Monday.
The pan-European STOXX 600 edged up 0.1%.
Britain’s FTSE 100 rose 0.2% at 7,678.59. Germany’s DAX added less than 0.1% at 16,190.95. France’s CAC 40 fell less than 0.1% at 7,427.31.
Spain’s benchmark IBEX index was down 0.4% as Spanish Prime Minister Pedro Sanchez and his right-wing rival try to head off a fresh vote after an inconclusive snap election resulted in a hung parliament.
A survey report showed the downturn in euro zone business activity deepened much more than expected in July.
Shares of Vodafone Group rallied 4.1% after it reported an acceleration in first-quarter top-line growth.
Dutch health technology company Philips shares slid 5.8% as it posted a fourth straight fall in order intake on Monday.
Asia
Asian stock markets were mixed on Monday.
Hong Kong’s Hang Seng index lost 2.1% at 18,668.15. China’s Shanghai Composite fell 0.1% at 3,164.16.
Japan’s Nikkei 225 rose 1.2% at 32,700.94.
Australia’s S&P/ASX 200 index fell 0.1% at 7,306.4 points. New Zealand’s benchmark S&P/NZX 50 index rose 0.1% to finish at 12,018.2 points.
Energy prices
US crude oil benchmark for September delivery rose $1.67 to $78.74 a barrel on Monday. Brent crude for September delivery rose $1.67 to $82.74 a barrel.
Natural gas for August delivery fell 3 cents to $2.69 per 1,000 cubic feet.
Bullion
Gold for August delivery fell $4.40 to $1,962.20 an ounce. Silver for September delivery fell 27 cents to $24.58 an ounce.
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Updated: 25 Jul 2023, 02:15 AM IST
