Close May1

In European Equity Markets trading activity was closed for major exchanges due to May Day holiday. 

In Currency Markets the U.S. dollar fell against a basket of other currencies on Wednesday as a disappointing report on manufacturing activity rekindled worries about the U.S. economy, which is track for its longest expansion on record this summer. Most currencies traded within tight ranges, although the New Zealand dollar fell after weak jobs data raised expectations of a central bank rate cut. Trading was thin in much of Asia and Europe in observance of the May Day holiday. Traders also are waiting the end of the Federal Reserve’s two-day policy meeting.

In Commodities Markets oil prices inched down on Wednesday after an unexpected rise in U.S. crude inventories, but the fall was limited by an intensifying crisis in Venezuela along with tightened U.S. sanctions on Iran. Brent crude oil futures were down at $71.82 per barrel at 1300 GMT, down 24 cents from their last close and erasing gains from earlier in the session. U.S. crude futures were down 50 cents at $63.41 per barrel. Trading was thin as May 1 is a holiday in many markets.

In US Equity Markets the S&P 500 index notched a fresh record high on Wednesday, as gains in Apple Inc’s shares after forecast-beating results powered a rally in technology stocks ahead of the Federal Reserve’s latest policy announcement. Shares of the iPhone maker jumped 6.37% after the company said sales in China were steadying and touted how rising demand for its services and accessories helped offset a record drop in iPhone revenue. The S&P 500 was up 0.11%, at 2,949.14 and the Nasdaq Composite rose 0.37%, at 8,124.97.

In Bond Markets benchmark 10-year notes were steady on Wednesday as investors awaited the conclusion of the Federal Reserve’s two-day policy meeting for further indications of future interest rates. The Fed will issue a statement and Fed Chairman Jerome Powell will give a news conference. Investors will look for whether the U.S. central bank notes softening inflation, or comments on market pricing on the path of future rate moves.