European stocks and U.S. futures were little changed after euro-area manufacturing activity sank to the lowest level since the first COVID-19 lockdowns in 2020 as record inflation and a weakening global economy erode demand for goods. The Hang Seng Index rose in a session cut short by a storm warning. Traders are weighing mixed economic data ahead of the Fed meeting, where the central bank is expected to raise interest rates by 75 basis points for the fourth time in a row.
Focus will be on Fed Chair Jerome Powell's comments following the decision as traders seek clues about where policy is headed. European investors are grappling with an energy crisis, a looming recession and soaring prices. A.P. Moller-Maersk A/S, a bellwether for global trade, cut its forecast for the global container market, saying demand will shrink as much as 4 per cent this year and could also contract in 2023 as an economic slowdown weighs on bookings.
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