Key facts
- Federal Reserve expected to hold rates steady with focus on year-end hike indications.
- Bank of Canada anticipated to hike rates for the first time in three years.
- Microsoft and Alphabet to release AI hyperscaler earnings after the bell.
- UK finance minister signaled no major changes to tax, spend, or borrowing programs in the annual budget.
- Iranian rial has been in freefall for most of the past decade.
Markets are bracing for a packed 24 hours of economic and corporate news, with a Federal Reserve policy decision, a potential Bank of Canada rate hike, and earnings from AI giants Microsoft and Alphabet on the agenda. Investors are also awaiting the UK's annual budget announcement, which is expected to be relatively subdued.
SK Hynix reported a significant tripling of net profit over the past year and plans to return $75 billion to shareholders, causing its stock to surge 10%. The interest rate market remained calm ahead of the Fed's decision, with focus on how Chair Kevin Warsh will frame future policy.
New Zealand's central bank surprised markets by keeping rates steady, leading to a more than 1% drop in the kiwi dollar. Meanwhile, Brent crude oil prices continued to climb above $115 per barrel amid reports of potential US actions against Iran.