Equities
Asian markets closed mixed, as the region took a break from the recent rally. Weak Chinese economic data contributed to the declines, as PMI data dropped to an 8 month low. Ironically, markets in greater China fared best, as the Shanghai Composite and Hang Seng both climbed .9%. The Nikkei fell .6% to 8642, the Kospi eased .1% to 1880, and the ASX 200 edged down .2% to 4263.
European markets traded mixed as well, as the market awaited the Fed’s statement. The FTSE rallied 1.4% to 5713, the CAC40 gained .9% to 3323, while the DAX slipped .3% to 6754.
US stocks ended lower after the Fed disappointed the market, and failed to announce any new stimulus measures. The Dow declined 33 points to 12976, the Nasdaq skidded .7% to 2920, and the S&P 500 dipped .3% to 1375.
Knight Capital Group, a market-maker for NYSE stocks, tumbled 33% after problems in its order routing system caused wild volatility in approximately 150 stocks.
Currencies
Following the Fed’s statement, the Dollar climbed against its peers. The Pound slumped .9% to 1.5536, while the Euro and Swiss Franc dropped .6%. The Yen lost .4% to 78.45, and the Australian Dollar declined .3% to 1.0458.
Economic Outlook
Wednesday’s ADP employment report showed a gain of 163K jobs, 42K more than forecast, but weaker than last month’s 172K reading. The report is seen as a strong indicator for Friday’s official non-farm payroll report.
Asian markets closed mixed, as the region took a break from the recent rally. Weak Chinese economic data contributed to the declines, as PMI data dropped to an 8 month low. Ironically, markets in greater China fared best, as the Shanghai Composite and Hang Seng both climbed .9%. The Nikkei fell .6% to 8642, the Kospi eased .1% to 1880, and the ASX 200 edged down .2% to 4263.
European markets traded mixed as well, as the market awaited the Fed’s statement. The FTSE rallied 1.4% to 5713, the CAC40 gained .9% to 3323, while the DAX slipped .3% to 6754.
US stocks ended lower after the Fed disappointed the market, and failed to announce any new stimulus measures. The Dow declined 33 points to 12976, the Nasdaq skidded .7% to 2920, and the S&P 500 dipped .3% to 1375.
Knight Capital Group, a market-maker for NYSE stocks, tumbled 33% after problems in its order routing system caused wild volatility in approximately 150 stocks.
Currencies
Following the Fed’s statement, the Dollar climbed against its peers. The Pound slumped .9% to 1.5536, while the Euro and Swiss Franc dropped .6%. The Yen lost .4% to 78.45, and the Australian Dollar declined .3% to 1.0458.
Economic Outlook
Wednesday’s ADP employment report showed a gain of 163K jobs, 42K more than forecast, but weaker than last month’s 172K reading. The report is seen as a strong indicator for Friday’s official non-farm payroll report.