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Google gives jittery stocks a lift ahead of Fed

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Better-than-expected results at Microsoft and Google helped soothe a nervous mood in stock markets on Wednesday, while a cut in Russian gas flow dragged on the euro and a Federal Reserve meeting due later in the day kept bonds and the dollar on edge.

The Federal Reserve is expected to announce a 75 basis point rate hike at 1800 GMT but investors are wary of a surprise in either direction and have preferred safe assets such as dollars.

" does need to give the sense that fighting inflation is their number one priority, otherwise the sense is that inflation will stay higher for longer," he said. In the United States a 75 bp hike is fully priced on Wednesday, but futures imply about a 15% chance of a 100 bp hike. The Treasury market is already anticipating that near-term hikes will hurt longer-run growth.

The euro had its worst session in a fortnight on Tuesday, sliding 1%, as Russia's Gazprom said it would further cut westbound gas flow and energy prices zoomed higher.

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