P CoreLogic CS House Prices May; Cons. Confidence Index Jul; Richmond Fed Index Jul; New Home Sales JunAUD +0.4% to 69.56 US centsP 500 -0.1% Nasdaq -0.7%In Europe: Stoxx 50 +0.2% FTSE +0.4% DAX -0.3% CAC +0.3%US oil +2% to $US96.58 a barrel5-year yield: US 2.90% Australia 3.15%United States
On Wednesday, most economists expect the Fed to announce a three-quarter percentage point hike in its short-term rate, a second consecutive hefty increase that it hasn’t otherwise implemented since 1994. It would put the Fed’s benchmark rate in a range of 2.25% to 2.5%, the highest since 2018. The benchmark FTSE 100 index climbed 0.4%, reversing early losses, while the domestically focussed mid-cap index slipped 0.1%.Oil rose as tight near-term supplies offset concerns of an eventual economic slowdown. West Texas Intermediate rose 1.4% to trade above $96 a barrel, swinging to a gain as the dollar fell. Crude markets are also pricing in remarkable strength for physical barrels with some buyers in Asia paying premiums of more than $20 a barrel to secure certain crude grades.