Global Stocks Drift Lower Ahead of Fed Decision
October 30 2019 - 5:53AM
Dow Jones News
By Will Horner
Global stocks edged lower amid disappointing earnings and as
investors awaited the Federal Reserve's decision on interest
rates.
The pan-continental Stoxx Europe 600 index edged down 0.1%, with
some of the region's biggest banks leading declines.
Shares of troubled German lender Deutsche Bank fell 6.1%, making
it the worst performer in Europe, after it said efforts to overhaul
its global operations had taken a large chunk out of its
revenue.
Shares in Fiat Chrysler Automobiles and Peugeot maker PSA Group
surged after the companies confirmed they were discussing a merger
that would create the world's fourth-largest auto maker by volume.
Fiat shares rose 8% in Milan and PSA gained 6%.
In Asia, the Shanghai Composite Index fell 0.5%, while Japan's
Nikkei 225 gauge dropped 0.6%.
Stock futures linked to the Dow Jones Industrial Average drifted
down 0.1%. Investors are largely holding off from making major
moves until the conclusion of the Fed's monetary policy meeting
later in the day, said Daniel Lacalle, chief economist and chief
investment officer at Madrid-based investment firm Tressis.
"With the two main negative catalysts in the mind of market
participants -- Brexit and the U.S.-China trade war -- having been
not resolved, but at least showing some light at the end of the
tunnel, then monetary policy becomes the key factor," he said.
The central bank is widely expected to cut interest rates by a
quarter of a percentage point after markets close. Key data during
the day will also give investors and policy makers additional clues
on the state of the economy.
(END) Dow Jones Newswires
October 30, 2019 05:38 ET (09:38 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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