World Stocks Muted as Investors Keep Eye on Fed

By: Associated Press
By: Associated Press

TOKYO (AP) Shares were lackluster Wednesday as investors waited for the release of the minutes to the U.S. Federal Reserve's latest meeting and took stock of a torrid start to the year for global markets.

The Fed will release the minutes to its January policy meeting later in the day and traders will be keen to see if it reveals any inclination to slow down the pace at which it reins back on its stimulus program.

European stocks were mostly lower, with Germany's DAX down almost 0.1 percent at 9,665.35 and Britain's FTSE 100 0.2 percent lower at 6,783.17. France's CAC 40 was up 0.2 percent to 4,337.48.

Wall Street eked out gains after a sluggish open, with the Dow 0.5 percent higher at 16,216.37 and the S&P 500 up 0.3 percent at 1,845.63.

Economic data out of the U.S. was uninspiring, with housing construction down 16 percent in January, mainly due to sever winter weather.

Stocks made impressive gains last year but sold off sharply in the opening weeks of 2014. Some of January's losses have been recouped, and investors are assessing future moves, said Linus Yip, a strategist at First Shanghai Securities in Hong Kong.

"After the recent bull run there is some consolidation, but the market is still positive," Yip said.

Tokyo's Nikkei 225 lost 0.5 percent to 14,766.53 after a 3.1 percent gain the day before when the Bank of Japan topped up its already lavish monetary stimulus by doubling the size of funds to support bank lending and economic growth.

Elsewhere in Asia, Hong Kong's Hang Seng rose 0.3 percent to 22,664.52. Traders were awaiting earnings reports from such heavyweights as banking giant HSBC.

South Korea's Kospi fell 0.2 percent. Indexes rose in Australia, New Zealand, mainland China, Indonesia and most other regional markets.

The benchmark U.S. oil contract for March delivery was up 33 cents to $102.76 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $2.13 overnight to $102.43.

In currencies, the euro was flat around $1.3751 and the dollar slipped 0.1 percent to 102.26 yen.

KBTX-TV Channel 3 4141 E. 29th Street Bryan, TX 77802 Phone: (979) 846-7777 Fax: (979) 846-1490 News Fax: (979) 846-1888
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 246167911 -
Gray Television, Inc.