PHOTO
26 July 2017
The Fed is widely expected to keep interest rates unchanged at its two-day meeting that ends on Wednesday.
With a rate hike not in the picture this time, the focus will be on the Fed's statement, with markets looking for signs of when the central bank will begin paring its massive bond holdings and next raise rates. A statement is expected at 1800 GMT.
In stocks, Asian shares steadied on Wednesday.MSCI's broadest index of Asia-Pacific shares outside Japan was little changed, but drew mild support after the S&P 500 climbed to an all-time high overnight.
In the Gulf, the Saudi stock index fell 0.3 percent in thin trade. National Shipping Co (Bahri) sank 5.6 percent after reporting that quarterly net profit plunged to 153.9 million riyals ($41.0 million) from 487.1 million riyals a year earlier, as revenues also tumbled. It cited lower shipping spot market rates and higher bunker costs.In Dubai, the index edged down 0.1 percent as blue chip Emaar Properties slipped 0.4 percent.
Oil prices firmed on Wednesday to hold near eight-week highs hit in the previous session, on expectations of a drawdown in U.S. stocks and as a rise in shale oil production shows signs of slowing.Brent crude futures rose 32 cents, or 0.6 percent, to $50.52 a barrel by 0142 GMT, after rallying more than 3 percent on Tuesday.U.S. West Texas Intermediate futures rose 42 cents, or 0.9 percent to $48.31 a barrel.
Gold prices held steady early on Wednesday as investors waited for a statement from the Federal Reserve later in the day for clues on the outlook for U.S. monetary policy.
In other news, a Turkish Airlines flight was forced to make an emergency stop in Algeria on Tuesday after a passenger became unruly, a spokesman for the airline said.
China's securities regulator pledged on Wednesday to expand access to capital markets for all types of investors, while encouraging more long-term institutional participation in the financial domain.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
The Fed is widely expected to keep interest rates unchanged at its two-day meeting that ends on Wednesday.
With a rate hike not in the picture this time, the focus will be on the Fed's statement, with markets looking for signs of when the central bank will begin paring its massive bond holdings and next raise rates. A statement is expected at 1800 GMT.
In stocks, Asian shares steadied on Wednesday.MSCI's broadest index of Asia-Pacific shares outside Japan was little changed, but drew mild support after the S&P 500 climbed to an all-time high overnight.
In the Gulf, the Saudi stock index fell 0.3 percent in thin trade. National Shipping Co (Bahri) sank 5.6 percent after reporting that quarterly net profit plunged to 153.9 million riyals ($41.0 million) from 487.1 million riyals a year earlier, as revenues also tumbled. It cited lower shipping spot market rates and higher bunker costs.In Dubai, the index edged down 0.1 percent as blue chip Emaar Properties slipped 0.4 percent.
Oil prices firmed on Wednesday to hold near eight-week highs hit in the previous session, on expectations of a drawdown in U.S. stocks and as a rise in shale oil production shows signs of slowing.Brent crude futures rose 32 cents, or 0.6 percent, to $50.52 a barrel by 0142 GMT, after rallying more than 3 percent on Tuesday.U.S. West Texas Intermediate futures rose 42 cents, or 0.9 percent to $48.31 a barrel.
Gold prices held steady early on Wednesday as investors waited for a statement from the Federal Reserve later in the day for clues on the outlook for U.S. monetary policy.
In other news, a Turkish Airlines flight was forced to make an emergency stop in Algeria on Tuesday after a passenger became unruly, a spokesman for the airline said.
China's securities regulator pledged on Wednesday to expand access to capital markets for all types of investors, while encouraging more long-term institutional participation in the financial domain.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
