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Asia Pacific stocks set to slip ahead of U.S. Federal Reserve rate decision

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Stocks in Asia Pacific were set to trade lower at the Wednesday open as investors await the U.S. Federal Reserve's interest rate decision.

Investor focus will likely be on the upcoming rate decision by the Fed, expected to be out sometime on Wednesday stateside.

On the economic data front, Australia's Consumer Price Index for the second quarter is expected to be released at around 9:30 a.m. HK/SIN on Wednesday.Federal Reserve'sFutures pointed to a lower open for stocks in Japan. The Nikkei futures contract in Chicago was at 22,540 while its counterpart in Osaka was at 22,500. That compared against theShares in Australia were also set to see an opening decline. The SPI futures contract was at 5,960.

"The will be the firm focus of market participants over the next 24 hours," Kim Mundy, an economist at Commonwealth Bank of Australia, wrote in a note. "We expect that the FOMC will remain dovish and acknowledge that the US economic outlook has deteriorated since the 11 June meeting," Mundy said. "Since 11 June, there have been more than 2 million new coronavirus cases in the US. This has slowed re‑opening efforts in some US states and as a result, increased the uncertainty around the pace of the US economic recovery."

On the economic data front, Australia's Consumer Price Index for the second quarter is expected to be released at around 9:30 a.m. HK/SIN on Wednesday.

 

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Is this article a fucking joke? Rate decision? Rates are at 0 and staying there, Fed has already said they aren’t going negative and rates will remain at O for foreseeable future. cnbc is trash!

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