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5 Things to Know In the Market Today
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Loading...1. Countdown to Fed hike underway
Markets were awaiting the outcome of the Federal Reserve’s latest policy meeting later in the day with investors all but certain that the U.S. central bank will hike interest rates for the first time in a year.
With a rate hike fully priced in by markets investors will be focusing on the details of the Fed latest economic forecasts, the first since the U.S presidential election, for indications on the expected pace of rate hikes going forward.
2. Global stocks mostly lower, dollar dips
European stocks were broadly lower ahead of the Federal Reserve’s final meeting of the year, with Germany's DAX down 0.28%, London’s FTSE 100 slipping 0.16% and France’s CAC 40 down 0.65%.
Wall Street futures pointed to flat open for the major U.S. indexes a day after all three closed at record highs, for the sixth time since the U.S. election.
3. Oil prices hit by U.S. inventory build, output worries
Oil prices fell after the American Petroleum Institute said late Tuesday that U.S. crude oil inventories unexpectedly rose by 4.7 million barrels last week.
Prices came under additional pressure after the International Energy Agency said the Organization of the Petroleum Exporting Countries pumped oil at record levels in November, which could offset the effects of a planned production cut.
4. U.S. retail sales, PPI data on tap
The U.S. is to release data on retail sales and producer prices at 08:30 ET, ahead of the Fed announcement.
Retail sales are forecast to have risen by 0.3% in November after a larger than expected 0.8% increase in October.
5. Goldman to name Solomon, Schwartz to succeed Cohn
Goldman Sachs (NYSE:GS) is expected to appoint David Solomon and Harvey Schwartz to be co-second in command to Chief Executive Lloyd Blankfein, replacing executive Gary Cohn, who is leaving the bank to join the Trump administration, according to a report in the Wall Street Journal.
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