|09-17-2014, 02:32 PM||#1|
Stoxx 600 rebounds slightly as traders look for policy clues
The stocks market saw an upside correction in the early part of the European session on Wednesday amid anticipation for the Federal Reserve`s policy announcement and fresh economic data on tap.
The trade remains quite choppy as we anticipate further clues over Scottish independence referendum and of course the FOMC meeting at 2:00 p.m. ET expected to leave policy rates unchanged. Market focus will be on guidance for rates. Little is expected on changes to taper. There may be discussion of preparing for actual unwinding of the Fed`s balance sheet. Also, the Fed will release its quarterly forecasts at the same time as the statement, briefed by Janet Yellen, the Fed chief.
As of 04:52 a.m. ET, the Stoxx 600 rose 0.48% to 344.50. The pan-European benchmark was driven by gain in information technology and telecommunications services as well as materials leading the upside among the sectors. The European bourses were mostly higher as follows:
- Britain`s FTSE 100 rose 0.18% to 6,804.45
- France`s CAC 40 rose 0.63% to 4,436.53
- Germany`s DAX 30 rose 0.49% 9,680.34
Also on the policy front, traders tipped into the Bank of England`s minutes released on Wednesday, showing seven members were in favor of leaving the key interest rate at a record low of %50 and making no change o the BoE`s 375 billion pound asset-purchase facility.
However, the minutes record that dissenting members Martin Weale and Ian McCafferty voted for an increase in the Bank`s benchmark rate 25 points to 0.75%.
The upside correction from a two-week low ahead of the Fed`s update might be shortly lived as traders remain cautious yet looking for more evidence of policy easing by central banks and of course ahead of Scotland’s independence referendum apparently too close to call with both sides campaigning hard over the week.
The vote, that might trigger a split of the union after more than three centuries, is held Thursday with the result expected on Friday morning.
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