Stocks drift as weak US earnings add to growth concerns
BEIJINGJan 29, 2015 - 12:00 am GMT+3
Jan 29, 2015 12:00 am
Global stocks drifted Wednesday after weak earnings from several U.S. companies added to global growth concerns as investors waited for the U.S. Federal Reserve's latest statement on monetary policy. Germany's DAX rose 0.3 percent to 10,655.41 and France's CAC 40 shed 0.4 percent to 4,603.69. Britain's FTSE 100 lost 0.1 percent to 6,801.77. Wall Street looked set for a small recovery on the open. Dow futures were up 0.3 percent while S&P 500 futures gained 0.5 percent. Wall Street slumped Tuesday after companies including Microsoft, Caterpillar and Procter & Gamble reported disappointing earnings. Lower orders for durable goods fueled concern about the American economy's ability to drive earnings if global growth weakens. The Fed ends its first policy meeting of 2015 on Wednesday and is widely expected to repeat its pledge to be patient in raising interest rates from record lows. Inflation has fallen further below the Fed's target rate, thanks to plunging oil prices and a surging dollar that makes imports cheaper. The Shanghai Composite Index tumbled 1.4 percent to 3,305.74. Tokyo's Nikkei 225 rose 0.2 percent to 17,795.73 and Hong Kong's Hang Seng rose 0.2 percent to 24,861.81. Seoul's Kospi gained 0.5 percent to 1,961.58 and Sydney, New Zealand and Bangkok also rose. Benchmarks in Taiwan, India and Singapore declined.