Benzinga | Oct 30, 2013 02:00AM ET
The dollar sagged on Tuesday as the two day US Federal Reserve policy meeting got underway. Most are expecting the bank to maintain its easy money asset purchase program and delay any cut backs on the stimulus until at least March.
September’s US manufacturing output did little to support the case for a Fed taper as the figures showed only a modest rise and contracts to buy previously owned homes in the US slid the most in more than three years. The two data points indicate that the US’ economy was on rocky footing even before the government shutdown in October.
Top News
In other news around the markets:
Asian Markets
Asian markets sagged on Tuesday, with China’s Shenzhen composite posting the largest loss, down 1.45 percent. The Japanese NIKKEI was down 0.49 percent, Indonesia’s JSX composite lost 0.66 percent and Australia’s ASX 200 lost 0.48 percent.
European Markets
European markets were quiet, the UK’s FTSE was up 0.07 percent and the eurozone’s STOXX 600 was unchanged. Italy’s MIB was off to a rocky start, down 0.24 percent.
Commodities
Energy futures were lower on Tuesday, Brent futures lost 0.56 percent and WTI futures were down 0.35 percent. Gold gained 0.10 percent but silver was down 0.30 percent. Industrial metals mostly higher with aluminum up 0.74 percent and zinc up 0.66 percent.
Currencies
The dollar was treading water ahead of the Federal Reserve meeting and the euro to dollar ratio was steady just below $1.38. The pound lost 0.22 percent to the dollar and the yen climbed 0.13 percent against the American currency. The Australian dollar was down 0.62 percent against the greenback.
Earnings
Notable earnings released on Monday included:
Pre-Market Movers
Stocks moving in the premarket included:
Earnings
Earnings reports expected on Tuesday include:
Economics
Economic releases expected on Tuesday include US consumer confidence, US retails sales, US PPI, British mortgage lending and mortgage approvals and Germany’s consumer climate.
BY Laura Brodbeck
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