The S&P 500 and Nasdaq 100 futures are trading near the flat line ahead of the FOMC meeting today at 2:00 pm. Asian markets closed mixed their overnight session, the Hang Seng rebounded 1.54% following its worst 3-day selloff in 13 years, and the CSI 300 managed a positive close, up 0.14%. EU markets are trading in positive territory this morning, up 0.51% for the EURSX50 and 0.13% for the DAX index. The dollar is also on guard for the Fed meeting, trading at 92.58 versus majors, up 0.18%, trading below the 6-month highs level. Gold and Silver are trading in different directions this morning, Gold is lower by 0.1% and trading at $1,799 per ounce and Silver is trading higher by 0.7% at $24.65 per ounce. Oil will be in focus today with the release of the Inventories numbers at 10:30 am and is trading higher this morning in expectations of another drawdown in US inventories despite the coronavirus surge. Data from API expects a 4.7 million barrels fall in crude inventories for the week versus the 2.9 million previously expected. Oil is trading higher, at $72.41 per barrel, up 0.98%, ahead of the inventories news release.
US OIL Inventories at 10:30 am and the FOMC meeting and Press Conference at 2:00 pm are the important news on the agenda Wednesday, (all times EST).
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US investors are awaiting the FED release today at 2:00 pm, after earnings from technology giants failed to impress last night.
OIL trades higher this morning in expectations of another drawdown in US OIL inventories, set to be released today at 10:00 am.
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