Morning Report 18 Sept 19: Oil prices retreat and stocks gain ahead of US rate decision

 

US sharemarkets rose slightly on Tuesday as the US Federal Reserve commenced its two-day monetary policy meeting. The central bank is largely expected to cut interest rates by 25 basis points. Real estate shares were among the best performers as US Treasury yields dipped. Comments from US President Donald Trump that China was buying US farm products in a "big league" way, also supported sentiment. Trade-sensitive shares of Boeing rose by 1.4%. Shares of Exxon Mobil fell by 0.8% as the oil price dropped. Corning shares fell by 6.1% after the Gorilla glass maker cut its current-quarter display volume forecast. The Dow Jones closed higher by 34 points or 0.1%, the S&P500 index rose by 0.3% and the Nasdaq increased by 32 points or 0.4%.

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