Stocks end lower after Fed leaves rates unchanged
IFC Markets | May 04, 2017 07:01AM ET
Revised healthcare legislation vote expected today
US stocks closed lower on Wednesday after the Federal Reserve left interest rates unchanged. The dollar inched higher as the Fed deemed first quarter GDP as ‘transitory’: the CAC 40 closed 0.1% lower and UK’s FTSE 100 index fell 0.2% settling at 7234.53.
Asian stocks track Wall Street
Asian stock indices are down dragged lower by commodities, energy and financials stocks. Markets in Japan are closed for the Golden Week holiday. Chinese stocks are down as growth in services sector slowed with Caixin Services PMI slipping to 51.5 in April from 52.2 in March: both the Shanghai Composite Index and Hong Kong’s Hang Seng Index are 0.3% lower. Australia’s All Ordinaries Index is 0.3% lower despite a weaker Australian dollar against the buck.
Oil prices slip as US inventories fall less than expected
Oil futures prices are inching lower today after data showed the decline in US inventories was much less than the market expected. Crude inventories fell by 930 thousand barrels last week, fourth consecutive decline, but at 527.8 million barrels they are still 3% higher from this time a year ago.
Investors are anxious to see whether OPEC and other producers will extend production cuts into the second half of the year as they monitor their compliance with their 2016 deal to cut output around 1.8 million barrels per day (bpd) by the middle of the year. Russia, contributing the largest production cut outside OPEC, said as of May 1, it had cut output by more than 300,000 bpd since hitting peak production in October.
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