Economy and markets All you need to know to start your day

first_imgThe Federal Reserve Building stands in Washington.ReutersAsian shares fell for a second day on Thursday, tracking weakness on Wall Street after the minutes from the Federal Reserve’s latest meeting revealed a more hawkish view among policy makers.Fed officials agreed that “the strengthening in the near-term economic outlook increased the likelihood that a gradual upward trajectory of the federal funds rate would be appropriate.”Stocks reversed gains and bond yields rose as investors narrowed odds on faster hikes. Three rate rises are now almost fully priced in for this year, compared to two as recently as December, Reuters reported.MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.35 percent in early trade, while E-Mini futures for the S&P 500 lost 0.2 percent.Overnight, the Dow ended down 0.67 percent, while the S&P 500 fell 0.55 percent.Back home, SGX Nifty, an early indicator of the Nifty 50’s trend in India, signals a weak start for the domestic markets after the benchmark Sensex rose 141 points or 0.42 percent to close at 33,844 on Wednesday.The partially convertible rupee ended unchanged at 64.78 per dollar on Wednesday from its previous close of 64.79 per dollar.So far this year, the rupee has fallen 1.4 percent against the U.S. dollar, while overseas investors have bought $1.2 billion in local equity and $1.9 billion in debt markets.F&O Expiry: Trading is likely to be volatile on Thursday as traders will roll over positions in the futures and options segment from the February 2018 series to March 2018 series.Crude check: Brent crude declined 0.73 percent at $64.94 per barrel while the West Texas Intermediate crude lost 0.91 percent to $61.12 a barrel.Fed meeting: Data released after the meeting showed the unemployment rate holding at 4.1 percent in January, while the consumer price index, excluding food and energy, was 1.8 percent for the 12 month period.Fed speeches: A slew of Fed policy makers are due to speak this week including New York Fed President William Dudley and Atlanta Fed President Raphael Bostic.last_img

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