Global markets update: US stocks end flat ahead of Fed meet
S&P 500 gains 0.07%, Nasdaq Composite adds 0.01%, Dow Jones Industrial Average up 0.02%
PremiumUS stocks closed flat on Monday ahead of the Federal Reserve's decision on key interest rates due on Wednesday.
The S&P 500 gained 3.26 points, or 0.07%, at 4,453.58 points. The Nasdaq Composite added 1.99 points, or 0.01%, at 13,710.32. The Dow Jones Industrial Average rose 5.79 points, or 0.02%, at 34,624.03.
The US central bank is expected to hold interest rates steady after a stronger-than- expected inflation data for August.
The Federal Open Markets Committee (FOMC) will also release this week its quarterly Summary of Economic Projections.
US treasury secretary Janet Yellen on Monday said that she sees no risk of an economic downtown. But, she also said that a government shutdown could cause a loss of momentum something we don't need as a risk at this point.
The 10-year treasury yield edged down at 4.31% from 4.33% late Friday. The 2-year treasury yield held steady a 5.04%.
Shares of Ford fell 2.1% and General Motors slipped 1.8%.
Rise in oil prices lifted energy stocks. Exxon Mobil gained 0.8% and Marathon Petroleum rose 1.6%.
Currencies
The US dollar fell at 147.75 Japanese yen from 147.86. It rose at $1.0679 from $1.0661 against the euro.
Europe
European stocks closed lower on Monday.
The pan-European STOXX 600 dropped 1.1%.
Britain’s FTSE 100 fell 0.8% at 7,652.94. Germany’s DAX shed 1.1% at 15,727.12. France’s CAC 40 lost 1.4% at 7,276.14.
French bank Societe Generale's shares slumped 12.1% after saying it expected little growth in annual sales over the coming years.
The euro zone banks index fell 1.9%.
Shares of drugmaker Novo Nordisk lost 2.4% after a report showed that US drug regulators had recently issued a report detailing quality control lapses at the group's North Carolina plant.
The Swedish crown dipped to a record low against the euro on hopes that the Riksbank would raise interest rates again.
Asia
Asian stock markets were choppy on Monday.
Hong Kong’s Hang Seng index edged down 1.4% at 17,930.55. In China, Shanghai Composite added 0.3% at 3,125.93.
Japan’s Nikkei 225 was closed for a holiday.
Australia’s S&P/ASX 200 index fell 0.7% at 7,230.40. New Zealand's benchmark S&P/NZX 50 index rose 0.4% at 11,397.00.
Energy prices
The US crude oil benchmark for October delivery rose 71 cents at $91.48 a barrel Monday. Brent crude for November delivery added 50 cents at $93.43 a barrel.
Natural gas for October delivery rose 9 cents at $2.73 per 1,000 cubic feet.
Bullion
Gold for December delivery gained $7.20 at $1,953.40 an ounce. Silver for December delivery rose 11 cents at $23.50 an ounce.
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