Dubai Telegraph - European stocks, dollar slip before US rate decision

EUR -
AED 4.100113
AFN 77.023391
ALL 99.447336
AMD 432.838798
ANG 2.014767
AOA 1036.468947
ARS 1074.711254
AUD 1.636359
AWG 2.00931
AZN 1.92827
BAM 1.957305
BBD 2.257155
BDT 133.59389
BGN 1.965384
BHD 0.42068
BIF 3230.523246
BMD 1.116283
BND 1.443523
BOB 7.725007
BRL 6.061866
BSD 1.117969
BTN 93.496501
BWP 14.707659
BYN 3.658545
BYR 21879.148453
BZD 2.253342
CAD 1.512678
CDF 3204.849171
CHF 0.945843
CLF 0.037658
CLP 1039.103456
CNY 7.8899
CNH 7.892758
COP 4648.481834
CRC 579.080293
CUC 1.116283
CUP 29.581502
CVE 110.791537
CZK 25.09505
DJF 198.385833
DKK 7.459342
DOP 67.201269
DZD 147.957368
EGP 54.174306
ERN 16.744246
ETB 128.657351
FJD 2.453423
FKP 0.850115
GBP 0.840299
GEL 3.047465
GGP 0.850115
GHS 17.524653
GIP 0.850115
GMD 76.468857
GNF 9658.645645
GTQ 8.64172
GYD 233.81355
HKD 8.700707
HNL 27.731566
HRK 7.589621
HTG 147.324568
HUF 394.065769
IDR 16940.712088
ILS 4.213405
IMP 0.850115
INR 93.347554
IQD 1462.33084
IRR 46987.14472
ISK 152.305694
JEP 0.850115
JMD 175.63501
JOD 0.791107
JPY 159.436514
KES 144.00081
KGS 94.074773
KHR 4543.271796
KMF 492.672047
KPW 1004.654143
KRW 1482.736164
KWD 0.3404
KYD 0.931512
KZT 535.361582
LAK 24653.111884
LBP 100018.964577
LKR 340.294632
LRD 216.83831
LSL 19.529721
LTL 3.296094
LVL 0.675228
LYD 5.325093
MAD 10.841334
MDL 19.50581
MGA 5036.894411
MKD 61.664335
MMK 3625.643914
MNT 3793.12987
MOP 8.973393
MRU 44.333165
MUR 51.204203
MVR 17.14598
MWK 1937.867679
MXN 21.522362
MYR 4.699547
MZN 71.274774
NAD 19.535528
NGN 1831.060868
NIO 41.137015
NOK 11.702609
NPR 149.612347
NZD 1.786209
OMR 0.429724
PAB 1.117969
PEN 4.180462
PGK 4.438412
PHP 62.045802
PKR 310.92129
PLN 4.272947
PYG 8726.786438
QAR 4.075633
RON 4.974608
RSD 117.069099
RUB 102.892984
RWF 1505.388617
SAR 4.18887
SBD 9.288327
SCR 15.203375
SDG 671.44267
SEK 11.337749
SGD 1.441813
SHP 0.850115
SLE 25.504058
SLL 23407.892397
SOS 638.896842
SRD 33.324404
STD 23104.806079
SVC 9.781519
SYP 2804.694667
SZL 19.535619
THB 37.004871
TJS 11.882003
TMT 3.906991
TND 3.375641
TOP 2.623048
TRY 37.953999
TTD 7.59799
TWD 35.642385
TZS 3041.24574
UAH 46.326211
UGX 4151.228228
USD 1.116283
UYU 45.925303
UZS 14242.075436
VEF 4043794.116249
VES 40.994414
VND 27438.238213
VUV 132.52737
WST 3.12276
XAF 656.485163
XAG 0.03591
XAU 0.000431
XCD 3.016811
XDR 0.828544
XOF 656.461621
XPF 119.331742
YER 279.433556
ZAR 19.537637
ZMK 10047.88601
ZMW 29.093234
ZWL 359.442698
  • RBGPF

    3.5000

    60.5

    +5.79%

  • CMSC

    -0.0150

    25.04

    -0.06%

  • BP

    0.4140

    32.844

    +1.26%

  • GSK

    -0.5600

    41.87

    -1.34%

  • AZN

    0.4600

    79.04

    +0.58%

  • NGG

    -1.1300

    68.92

    -1.64%

  • CMSD

    0.0300

    25.01

    +0.12%

  • RYCEF

    0.4000

    6.95

    +5.76%

  • RIO

    2.1900

    65.1

    +3.36%

  • BTI

    -0.2650

    37.615

    -0.7%

  • SCS

    -0.8300

    13.28

    -6.25%

  • RELX

    0.7800

    48.15

    +1.62%

  • BCC

    6.2550

    143.315

    +4.36%

  • JRI

    -0.0400

    13.4

    -0.3%

  • VOD

    -0.1590

    10.071

    -1.58%

  • BCE

    -0.3700

    35.24

    -1.05%

European stocks, dollar slip before US rate decision
European stocks, dollar slip before US rate decision / Photo: SPENCER PLATT - GETTY IMAGES NORTH AMERICA/AFP

European stocks, dollar slip before US rate decision

European stock markets and the dollar mostly slipped Wednesday as the US Federal Reserve prepared to cut interest rates for the first time in more than four years.

Text size:

The Fed is widely expected to cut borrowing costs later in the day for the first time since the start of the Covid pandemic in early 2020 -- but uncertainty remained over the size of the reduction.

Debate over the past weeks has been on whether the US central bank will cut by 25 or 50 basis points after the inflation rate sharply cooled.

Richard Hunter, head of markets at Interactive Investor, noted that a more aggressive cut "could equate to an economic outlook which is weaker than currently expected".

There are concerns over signs of weakness in the world's biggest economy, which follow on from worries about a growth slowdown in China, the next largest.

London, Paris and Frankfurt stock markets dropped in early afternoon deals Wednesday after Tokyo and Shanghai closed higher.

Wall Street experienced a tepid Tuesday, with many investors keeping their powder dry until the Fed's decision and boss Jerome Powell's post-meeting statement.

Official data Tuesday showed US consumer spending cooled in August, but not as much as expected.

The reading helped temper lingering worries that the country was in danger of slipping into recession, which had been stoked in the past two months by big misses on American jobs-creation.

Chances of a 50 basis-points cut remaining a firm possibility despite the consumer reading -- coupled with increased expectations that the Bank of England would decide against a consecutive reduction in UK borrowing costs Thursday -- sent the pound rising about half a percent against the dollar.

The BoE is seen sitting tight following a regular meeting, as official data Wednesday showed British annual inflation held at 2.2 percent in August.

Elsewhere on Wednesday, oil prices slid as rising crude inventories in the United States offset renewed tensions in the Middle East, according to market followers.

Hundreds of pagers exploded simultaneously across Lebanon Tuesday, killing 12 people. The unprecedented attacks, which appear to have targeted the Hezbollah militant group, have been blamed on Israel, which has yet to comment.

- Key figures around 1100 GMT -

London - FTSE 100: DOWN 0.7 percent at 8,255.26 points

Paris - CAC 40: DOWN 0.4 percent at 7,455.63

Frankfurt - DAX: DOWN 0.1 percent at 18,702.46

Tokyo - Nikkei 225: UP 0.5 percent at 36,380.17 (close)

Shanghai - Composite: UP 0.5 percent at 2,717.28 (close)

Hong Kong - Hang Seng Index: Closed for a holiday

New York - Dow: FLAT at 41,606.18 (close)

Pound/dollar: UP at $1.3219 from $1.3162 on Tuesday

Euro/dollar: UP at $1.1135 from $1.1116

Dollar/yen: UP at 141.58 yen from 141.22 yen

Euro/pound: DOWN at 84.25 pence from 84.46 pence

West Texas Intermediate: DOWN 1.4 percent at $70.21 per barrel

Brent North Sea Crude: DOWN 1.3 percent at $72.75 per barrel

burs-bcp

G.Rehman--DT