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Wall Street Positive Ahead Of FOMC Announcements


The focus of investors are on the FOMC meeting announcements and the press conference there after scheduled Wednesday afternoon. The analysts are expecting improvements in inflation and Fed to raise interest rates by 25 basis points.

Early trading trends on U.S. Futures index suggest that Wall Street will open with a positive bias.

Asian shares finished mixed, while European shares are trading positive.

As of 7.45 am ET, the Dow futures were up 44.00 points, the S&P 500 futures were progressing 5.75 points and the Nasdaq 100 futures were climbing 20.00 points.

U.S. stocks closed mixed on Tuesday. The major averages eventually ended the session mixed. While the Dow edged down 1.58 points or less than a tenth of a percent to 25,320.73, the Nasdaq climbed 43.87 points or 0.6 percent to 7,703.79 and the S&P 500 rose 4.85 points or 0.2 percent to 2,786.85.

On the economic front, The Labor Department's Producer Price Index for May will be issued at 8.30 am ET. The consensus is for growth of 0.3 percent, up from 0.1 percent in the prior month.

The Energy Information Administration or EIA's Petroleum Status Report for the week will be published at 10.30 am ET. In the prior week, the Crude oil Inventories were 2.1 million barrels gasoline inventories were 4.6 million barrels.

The Atlanta Fed's Business Inflation Expectations survey report for June will be published at 10.00 am ET. In the prior month, the inflation expectations were 2.0 percent.

The Federal Open Market Committee or FOMC meeting announcement is scheduled at 2.00 pm ET. The consensus is for 1.875 percent.

The Fed Chair Press Conference is expected at 2.30 pm ET.

In the corporate sector, WPP Group Plc. reported that its revenue for first four months of the year was down 3.4 percent from last year to 4.822 billion pounds. Constant currency revenue was up 2.7 percent and like-for-like revenue was up 1.4 percent. Reported revenue less pass-through costs fell 5 percent to 3.969 billion pounds. On a constant currency basis, it was up 1.1 percent, and like-for-like revenue less pass-through costs was up marginally.

Asian stocks closed mixed on Wednesday. Chinese markets fell. The benchmark Shanghai Composite index dropped 30.01 points or 0.97 percent to 3,049.80 while Hong Kong's Hang Seng index tumbled 1.22 percent to close at 30,725.15.
Japanese shares closed higher. The Nikkei average rose 88.03 points or 0.38 percent to 22,966.38 while the broader Topix index closed 0.42 percent higher at 1,800.37.

Australian shares closed notably lower. The benchmark S&P/ASX 200 dropped 30.90 points or 0.51 percent to 6,023.50 while the broader All Ordinaries index ended down 31.70 points or 0.51 percent at 6,133.10.

European shares are progressing. France's CAC 40 is climbing 16.73 points or 0.31 percent. Germany's DAX is up 40.64 points or 0.32 percent. FTSE 100 of U.K. is advancing 35.88 points or 0.47 percent. Swiss Market Index is up 6.84 points or 0.08 percent.

Eurozone's leading Blue Chip index,Euro Stoxx 50, is progressing 0.27 percent.

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