· The Dow Jones Industrial Average .DJI fell 20.04 points, or 0.07%, to 27,070.68, the S&P 500 .SPX lost 2.54 points, or 0.08%, to 3,036.88 and the Nasdaq Composite .IXIC dropped 49.14 points, or 0.59%, to8,276.85.
The S&P 500 edged lower to snap a four-session win streak on Tuesday and it retreated from a record high as investors grappled with a flood of earnings and the latest update on a potential trade deal between the U.S. and China.
Hopes of a U.S.-China trade deal and expectations of another interest rate cut by the Federal Reserve when it concludes its two-day meeting on Wednesday have pushed stocks higher the past several sessions, sending the S&P to its second straight record intraday high.
But indexes pulled back after a U.S. administration official told Reuters that Washington and Beijing are continuing to work on an interim trade agreement, but it may not be completed in time for the leaders of the two countries to sign in Chile next month.
· European stocks closed lower on Tuesday as traders monitored earnings and progress in U.S.-China trade discussions, while the U.K. looks set for a December election.
The pan-European Stoxx 600 was provisionally down 0.2% at the closing bell, with telecoms stocks falling 1.8% to lead sector losses while construction and material stocks added 0.7%. Most sectors traded lower.
Market players are largely following corporate earnings. BP reported a 41% drop in third-quarter net profit on the back of weaker oil prices and weather impacts. The energy giant’s shares ended the session 3.8%lower.
· Stocks in Asia declined in Wednesday morning trade ahead of the U.S. Federal Reserve’s interest rate decision, set to be announced later stateside.
The Nikkei 225 in Japan slipped 0.28% in early trade while the Topix index was just above the flatline. An earlier data release on Wednesday showed Japanese retail sales in September surged 9.1% as compared to a year earlier, beyond expectations of a 6.9% increase from a Reuters poll. The jump in retail sales came ahead of a tax hike that went into effect on October 1.
South Korea’s Kospi also traded down 0.35% as shares of Samsung Electronics fell 1.17% ahead of the industry heavyweight’s earnings release.
Meanwhile, Australian shares declined as the S&P/ASX 200 slipped 0.5%. Investors will watch for the release of the Consumer Price Index for the third quarter, set to be out at around 8:30 a.m. HK/SIN.
Overall, the MSCI Asia ex-Japan index traded 0.19% lower.
Reference: Reuters, CNBC
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