Gold Slightly Up Ahead of FED Statement

Gold Slightly Up Ahead of FED Statement

The U.S. central bank is expected to announce when it will begin paring its bond holdings, and while a September interest rate increase is not expected, investors will closely study Fed Chair Janet Yellen's views on inflation for clues whether the Fed will raise rates in December. USA stocks were poised for a steady opening with Dow futures and the broader S&P 500 futures unchanged. (Equities generally rise when they expect stimulus and accommodation from central banks, so removing stimulus measures can naturally be anticipated to have the opposite effect.) Wall St opened as much as 0.4% in negative territory on Thursday morning.

US stock index futures were little changed on Wednesday as investors awaited clues from the Federal Reserve meeting on whether the central bank will raise interest rates for a third time this year.

Investors will be watching domestically for second-quarter gross domestic product figures which are expected to show economic growth accelerated to a quarterly pace of 0.8 percent from 0.6 percent in March.

The S&P's record came less than four months after it closed above 2,400 and brought 2017's gain to almost 12 percent.

Both the Philippine and Taiwan central banks kept their benchmark rates unchanged with their respective inflation projections showing no meaningful pickup in expected price pressures.

At 9:39 a.m. ET, the Dow Jones Industrial Average was up 0.57 points, or 0 percent, at 22,371.37, the S&P was up 1 points, or 0.04 percent, at 2,507.65 and the Nasdaq Composite was down 2.18 points, or 0.03 percent, at 6,459.14.

The S&P 500 bank index gained more than 0.7 percent to its highest since early March, led by gains of more than 1 percent in a clutch of large regional lenders, including Suntrust Banks Inc, Zions Bancorp, PNC Financial Services, M&T Bank Corp and Regions Financial Corp. Sony is losing nearly 1 percent, Mitsubishi Electric is declining 0.5 percent and Panasonic is edging down less than 0.1 percent, while Canon is up 0.2 percent. The broader All Ordinaries Index is down 44.60 points or 0.77 percent to 5,725.10.

Google to buy part of smartphone maker HTC for $1.1 billion
HTC has been in the mobile phone business for more than a decade and enjoyed a cult following like Nokia and Motorola did once. Google had sold off other parts of Motorola Mobility for more cash within months after it acquired the company in early 2012.

Caterpillar was up 1.6 percent, following an upgrade from UBS to "buy" from "neutral".

Shares of Nabriva Therapeutics more than doubled after the company said its drug to treat community-acquired bacterial pneumonia met the main goal of a late-stage study. Brent crude, used to price worldwide oils, gained 55 cents to $55.69 per barrel in London. Zions Bancorporation climbed 70 cents, or 1.6 percent, to $45.11.

Energy stocks also rose as oil prices headed higher.

Gold Fields lost 1% tor R56.18 and Sibanye Stillwater 4.34% to R16.76. The cereal maker slid $3.21, or 5.8 percent, to $52.17.

December gold dropped USD21.60, or 1.6%, to settle at USD1,294.80/oz, the lowest since August.

However, Hong Kong ended up 0.3 per cent and Shanghai also closed 0.3 per cent higher.