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Global Shares Mixed as Attention Turns to Fed Meeting

The euro rose to $1.1646 from $1.1639. The dollar slid to 110.77 yen from 111.55 yen late Friday in Asia
By The News · 24 of July 2017 09:17:05
A woman walks past an electronic stock indicator of a securities firm in Tokyo, A woman walks past an electronic stock indicator of a securities firm in Tokyo, Monday, July 24, 2017. Asian shares mostly slid Monday, with Chinese benchmarks countering the trend, as market attention turns to the U.S. Federal Reserve meeting later in the week.(AP Photo/Shizuo Kambayashi), photo: AP/Shizuo Kambayashi

Global stock markets mostly fell on Monday as investors turned their attention to the U.S. Federal Reserve meeting later in the week.

KEEPING SCORE: France’s CAC 40 was flat at 5,121 while Germany’s DAX shed 0.4 percent to 12,191. Britain’s FTSE 100 lost 1 percent to 7,382. U.S. shares were also set to drift lower, with Dow and S&P 500 futures both down 0.1 percent.

FED FACTOR: The monetary policymaking body of the Federal Reserve wraps up two days of meetings Wednesday. At June’s meeting, Fed officials raised the central bank’s key interest rate for the third time in six months. The Fed also announced plans to start gradually paring its bond holdings later this year, a move that could cause long-term rates to rise. Over the last few weeks investors have focused what the European Central Bank will do as the European economy continues to improve.

U.S. POLITICS: A flurry of tweets from U.S. President Donald Trump, complaining that Republicans were failing to fully support him as they struggle to deliver on health care legislation, underscored the disarray in Washington amid investigations into alleged Russian interference in the 2016 election and possible connections to Trump’s campaign.

THE QUOTE: “Investors continued to take into account Trump’s political setbacks including expanded investigation into his transactions regarding his Russian connections and limited progress in the health care bill,” says Zhu Huani, Singapore Treasury Division of Mizuho Bank, of the U.S. political uncertainties.

IMF’S FORECASTS: The International Monetary Fund cut its growth forecasts for the U.S. and Britain It cited a weaker first quarter for the countries’ downgraded outlook as well as political issues, such as President Donald Trump’s difficulty in getting legislation passed. The cuts contrast with an upgrade for the 19-country eurozone, which has seen growth pick up markedly this year.

ASIA’S DAY: Japan’s benchmark Nikkei 225 lost 0.6 percent to finish at 19,975.67. Australia’s S&P/ASX 200 slipped 0.6 percent to 5,688.10. But South Korea’s Kospi inched up nearly 0.1 percent to 2,451.53. Hong Kong’s Hang Seng added 0.5 percent to 26,8406.83 while the Shanghai Composite index gained 0.4 percent to 3,250.60. India’s Sensex added 0.7 percent to 32,259.28, while shares in Southeast Asia were mixed.

ENERGY: Benchmark U.S. crude dropped 6 cents to $45.72 a barrel in electronic trading on the New York Mercantile Exchange. It sank $1.15 to $45.77 a barrel on Friday. Brent crude, the standard for international oil prices, fell 27 cents to $48.04 a barrel in London.

CURRENCIES: The euro rose to $1.1646 from $1.1639. The dollar slid to 110.77 yen from 111.55 yen late Friday in Asia.