U.S. share futures dip; trading thin with many European and Asian markets closed
The dollar edged toward its highest level this year against a basket of peers and U.S. share futures dipped on Wednesday ahead of a Federal Reserve policy decision, though trading was thin with many European and Asian markets closed.
The latest move higher in the dollar came with after hotter-than-expected first-quarter U.S. employment cost growth on Tuesday, which sent Treasury yields higher and caused markets to further pare bets on Fed rate cuts this year.The Fed is almost certain to hold its benchmark overnight interest rate steady later in the day, but a policy statement issued at 2 p.m.
The benchmark 10-year Treasury yield was flat on the day at 4.690 per cent, just shy of mid-April’s 4.739 per cent its highest in five months, having jumped 7 bps the day before. The British blue-chip index, which has underperformed world peers in recent months, was a rare gainer in April, rising 2.4 per cent helped by commodities stocks, while MSCI’s world index dropped 3.4 per cent, its biggest monthly fall since September.
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