Global markets today: Wall Street, European stocks rise a day before Fed policy outcome

The US central bank is expected to keep interest rates unchanged.

The MSCI’s gauge of stocks across the globe gained 0.33%.

Wall Street

The US stocks gained on Tuesday as investors are keenly awaiting Fed policy decision and Chair Jerome Powell’s comments.

The Dow Jones Industrial Average rose 123.91 points, or 0.38%, to 33,052.87, the S&P 500 gained 26.98 points, or 0.65%, to 4,193.8 and the Nasdaq Composite added 61.76 points, or 0.48%, to 12,851.24. All 11 of the S&P 500’s major industry sectors advanced, with real estate up 2% and leading gains, while the biggest laggard, communication services, gained 0.2%.

Investors will also eye the October US jobs report due on Friday.

The yield on 10-year the treasury notes rose 0.3 basis points to 4.880%.

Currencies

The US dollar rose to 151.61 Japanese yen from 149.00. The euro rose to 94.51 U.S. cents from 94.18 cents.

Energy prices 

The US crude oil Benchmark for December delivery fell $1.29 to $81.02 per barrel Tuesday. Brent crude for January delivery fell $1.33 to $85.02 per barrel.

Natural gas for December delivery added 22 cents to $3.58 per 1,000 cubic feet.

Europe

European shares rose on Tuesday, with investors drawing comfort from a slew of corporate earnings.

The pan-European STOXX 600 closed 0.6% higher, but still posted its worst monthly performance since September 2022.

Britain’s FTSE 100 fell 0.1% at 7,321.72.  Germany’s DAX rose 0.6% at 14,810.34. France’s CAC 40 edged up 0.9% at 6,885.65.

Euro zone economic growth was weaker than expected in the third quarter, a flash estimate showed, with gross domestic product contracting slightly quarter-on-quarter and the year-on-year growth rate slowing sharply.

Real estate advanced 2.7%, the energy sector fell 4.6%.

Asia

In Asian stock markets, Japan’s Nikkei 225 added 0.5% at 30,858.85. Hong Kong’s Hang Seng Index fell 1.7% at 17,112.48. China’s Shanghai Composite: lost 0.1% at 3,018.77. 

In Tokyo, the Bank of Japan added more upward pressure on interest rates. It said it would allow yields on 10-year bonds to rise above 1%.

Australia’s S&P/ASX 200 index rose 0.1% to close at 6,780.7. New Zealand’s benchmark S&P/NZX 50 index rose 0.2% to close at 10,757.69.

Bullion

Gold for December delivery fell $11.30 to $1,994.30 per ounce. Silver for December delivery fell 44 cents to $22.95 per ounce.

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Updated: 01 Nov 2023, 01:45 AM IST