US stocks fell on Wednesday as traders digest the latest FOMC monetary policy decision and comments from Chair Powell. The Fed kept interest rates steady as expected and Chair Powell said it will be appropriate to start cutting rates at some point this year although he doesn't think a March cut is likely. Traders pared bets for a rate cut in March after such comments. The S&P 500 fell 1.61%, the Nasdaq 100 declined 2.23% and the Dow Jones lost 317 points. 

ASX 200 SPI Futures down 84 points

• Base metals mixed as China’s manufacturing activity contracted for a fourth straight month in January, Nickel -1.76%, Aluminium +0.20%, Zinc -1.69%, Lead -0.94%, and Tin +0.27%.
• Copper up 0.83%, hitting a one-month high as the USD retreated.
• Gold flat.
• Oil prices settled lower, pressured by a surprise build in US crude inventories, WTI down 2.58% and Brent Crude off 1.44%.
• Iron ore futures hit a more than one-week low, down 0.35%, with China’s weak factory data hitting market sentiment amid renewed worries over the country’s property sector.
• 10Y Bond Yields – US 3.929%, Australia 4.006%, and Germany 2.168%.
• Aussie dollar down 0.56% to 65.64US cents. USD Index +0.18% at 103.59. Japanese Yen -0.44%.

Why not sign up for a free trial? Get access to expert insights and research and become a better investor.

Make life simple. Invest with Marcus Today.