Asian shares and U.S. stock futures rose on Thursday after the Federal Reserve committed to maintaining accommodative monetary policy and projected a rapid jump in U.S. economic growth this year as the COVID-19 crisis eases.
Gold was up on Wednesday morning in Asia, hovering near their highest level in more than two weeks over growing expectations of higher inflation. However, caution ahead of a U.S. Federal Reserve policy decision capped gains.
Major currencies held tight ranges on Wednesday as investors looked to the U.S. Federal Reserve’s policy meeting for any indications it could start rate hikes earlier or let bond yields rise further.
Oil prices slipped for a fourth day on Wednesday on worries about rocky demand in Europe, even as hopes of a recovery in U.S. refinery activity were boosted by industry data that showed U.S. crude stockpiles unexpectedly fell last week.
The S&P 500 eased from record highs Tuesday paced by a decline value stocks and a retreat in tech as the Federal Reserve’s kicked off its two-day meeting.
Asian stocks were set to open mostly lower on Wednesday following a sell-off in U.S. stocks, as investors awaited the Federal Reserve’s meeting and whether the central bank will maintain near-zero interest rates amid the economy’s post-pandemic recovery.