Rupee falls by 26 paise to 64.53 against US Dollar

The withdrawal of QE will mean that the supply of bonds will go up over time, other things remaining the same, which should increase USA bond yields. Bank stocks didn’t seem to care, however, as the market’s Teflon sentiment remains intact.

Britain’s sterling also started to rise again having been pushed off post-Brexit highs on Monday by Bank of England governor Mark Carney who said any upcoming United Kingdom rate hikes would be gradual and limited.

Zions Bancorporation climbed 1.6%, while Raymond James Financial rose 1.4%.

Best Buy fell more than 7 percent after the No 1 USA electronics retailer provided financial targets for 2021. Shanghai .SSEC added 0.3 percent while Hong Kong’s Hang Seng .HSI added 0.2 percent.

Support for the National Party jumped 6 points to 46 percent, according to the One News-Colmar Brunton opinion poll, while support for the opposition Labour party slumped by seven points to 37 percent. The benchmark 10-year Treasury yield stood at 2.2765 percent on Wednesday after climbing as high as 2.29 percent.

The S&P 500 climbed only modestly in Tuesday night’s Wall Street session, the ASX is trading in a tight range and the USA dollar slipped slightly against nearly all G-10 currencies – extending its 2017 trend. On the Nasdaq, 1,248 issues rose and 977 fell. The move reflects a strengthened economy and could mean higher rates on mortgages and other loans over time.

Bank of America (BAC) and JPMorgan Chase (JPM) also are making a run at buy points.

Bond prices fell, sending yields higher. The Standard & Poor’s 500 index lost 0.3 percent to 2,500.60.

Sept 20 (Reuters) – U.S. stocks were little changed in early afternoon trading on Wednesday as investors awaited the Federal Reserve’s policy decision for clues on the future path of interest rates.

TECH RISING: Technology stocks were also among the big gainers. That neutral rate dropped to 2.9 percent in the new forecast, down from 3 percent in the Fed’s June forecast.

The dollar index against a basket of six major currencies was effectively flat at 92.169 after slipping about 0.4 percent overnight.

The treasury yield curve shifted upwards as a result, with the 10-year treasury yield climbing from 2.24% to 2.27%.

Global equities tracked broadly higher over the past five days on easing geopolitical tensions and Wall Street notched up several records, while the greenback soared on a hawkish Federal Reserve meeting. It has gained 0.3 percent on the week.

On the downside, Best Bath & Beyond Inc., (NASDAQ:BBBY) fell 15.9% after second-quarter revenues and gross margins missed estimates on a deeper-than-expected comp-store sales decline.

General Mills was down more than 8 percent after its quarterly profit missed estimates, hurt by lower sales of its yogurts and cereals in North America.

Australian shares recouped early losses to end little changed even as financials and mining stocks came under selling pressure.

The Dow Jones industrial average slipped 7 points, less than 0.1 percent, to 22,363.

In another day of heavy volumes with over 32m ounces changing hands on the Comex market in NY spot gold dipped to $1,297.40 an ounce, a three-week low.