· Underneath the stock market's epic rebound has been a "more favorable" trend that Credit Suisse says will drive the market higher.
The bank dialed up its year-end forecast for the S&P 500 to 3,025 from 2,925 previously. The new outlook calls for a gain of more than 20 percent for full-year 2019 or more than 7 percent from current levels after the big rally to start the year. It would also be the stock market's best year since 2013.
The pan-European Stoxx 600 was up around 0.15 percent shortly after the opening bell, with most sectors and major bourses in positive territory.
· Asian shares held to tight ranges on Tuesday ahead of a Federal Reserve policy meeting, but were broadly supported near 6-1/2-month highs on expectations the U.S. central bank might strike a dovish tone, while fresh Brexit worries weighed on the pound.
MSCI’s broadest index of Asia-Pacific shares outside Japan was virtually flat, easing back from its highest level since Sept. 4 hit earlier in the session.
· Japan’s Nikkei ended lower on Tuesday as investors took profits on exporters’ stocks, but losses were capped by gains in financials which were helped by rising U.S. yields.
Most investors stayed on the sidelines, however, while they await the U.S. central bank’s latest policy decision after a two-day meeting starting later in the day.
The Nikkei share average ended down 0.1 percent at 21,566.85 points.
· Chinese shares edged lower on Tuesday as investors took profits after major stock indexes closed near 6-1/2 month highs in the previous session, but the downside was limited by expectation that the U.S. Federal Reserve would take a dovish stance at its meeting this week.
At the midday break, the Shanghai Composite index was down 0.22 percent at 3,089.50. China’s blue-chip CSI300 index was down 0.37 percent. Both indexes closed near 6-1/2 month highs on Monday.
Investors are looking to the Fed policy meeting to see whether policymakers have sufficiently lowered their interest rate forecasts to more closely align their “dot plot”, a diagram showing individual policymakers’ rate views for the next three years.
Reference: Reuters, CNBC