Markets in Europe are seen opening lower today as investors focus on an upcoming rate decision by the U.S. Federal Reserve. It should be noted that analysts expect a rate hike of 25 points basis from the Fed with the announcement set to be released just after European markets close today at 19:00 GMT. Meanwhile, Moody’s updated its outlook on Italian banks from “stable” to “negative” on Tuesday on an ever weakening in confidence in the system. In today’s European futures indices trading, Germany’s DAX, France’s CAC 40, the Euro Stoxx50 and U.K.’s FTSE 100 are all seen opening 0.3 percent lower as of 7:40 GMT.
Oil prices tumbled on Wednesday after a reported rise in U.S. crude inventories and a renewed estimate that OPEC may have produced more crude in November than previously thought, which in turn will potentially undermine the planned output cut. The surprise increases in U.S. crude inventories and the anticipated U.S. interest rate hike, will support the dollar and make dollar-traded fuel imports more expensive for countries using other currencies. In today’s energy markets, Crude oil futures were last seen trading 14 percent lower at $52.43 while Brent oil futures tumbled 0.8 percent to last trade at $55.26 as of 7:35 GMT.
Asian shares wobbled on Wednesday with investors remaining largely on the sidelines ahead of what is expected to be the Federal Reserve’s first rate hike in a year. In today’s Asian Markets, Japan’s Nikkei traded flat, Australia’s S&P/ASX 200 added 0.7 percent for the day to close at 5584.62, China’s A50 closed 0.4 percent lower while Hang Seng was last seen trading 0.2 percent higher at 22485.00 as of 7:35 GMT. India’s Nifty also plunged 0.5 percent for the day and is currently heading for a bearish close.