Markets in Limbo: Awaiting Federal Reserve's Next Move

On the eve of an anticipated Federal Reserve interest rate cut, global equity markets showed a slight decline. After record highs, MSCI's all-country index slipped by 0.04%, as Wall Street stocks fluctuated. The Dow and S&P 500 decreased, driven by fluctuations in utilities, financials, and energy sectors.

Europe mirrored these uncertainties, with the STOXX 600 dropping by 0.83%, influenced by banking and insurance declines. Market strategist Mark Hackett described the situation as a 'sideways move,' pending Federal Reserve decisions. On the monetary policy front, confirmation of Stephen Miran to the Fed's Board highlighted ongoing political tensions.

Currency markets reacted with the dollar falling against major counterparts, bolstering gold prices. Simultaneously, oil markets faced scrutiny, balancing supply concerns due to geopolitical tensions involving Ukraine and Russia, prompting an uptick in oil prices.

(With inputs from agencies.)