Asian stocks edge higher after cautious Fed outlook

Investors sold tech stocks, already under pressure following a shaky outlook from Apple, as well as consumer stocks like travel booking sites and cruise lines.

The Dow Jones Industrial Average was down 256 points, or 1.6% at 15,911. Britain’s FTSE 100 was 0.4 percent lower at 5,889.

Boeing meanwhile slumped 10.0 per cent after offering a disappointing 2016 outlook, saying revenues and deliveries could fall, and offering an earnings per share forecast well below what analysts were expecting.

OIL PRICES: Benchmark U.S. crude fell 56 cents, or 1.8 per cent, to $0.89 a barrel in NY.

The Energy Information Administration reported US crude oil stockpiles rose more than expected last week, recording the highest level on record. It also predicted its first decline in revenue in 13 years for the current quarter.

Chalupnik, speaking shortly before the Fed released its latest policy statement, said he thinks the Fed will raise its key rate only one time this year, at its policy meeting in June.

BIOGEN BOUNCES: Biotech drugmaker Biogen rose after its fourth-quarter earnings were stronger than expected. However, in their latest statement, officials suggested that if stock market turmoil and global economic weakness persist, they might reduce the pace of future interest rate hikes. The S&P 500 declined 25 points, or 1.3%, to 1,879, led by a 2.4% fall in tech stocks.

The stock gave up $6.57, or 6.6 percent, to $93.42. Brent crude, the benchmark for global oils, fell 60 cents to $31.20 per barrel in London. Oil prices also increased about 4 percent on Tuesday. Analysts say the latest iPhone models are not providing the boost Apple needs to match the massive sales growth it enjoyed past year.

“We are looking for March to mark the trough in year-on-year iPhone unit growth, which should provide an attractive entry point into the stock”, Goldman Sachs analysts wrote in a note, according to Reuters.

TOTAL SYSTEM SLIDES: Electronic payment services provider Total System Services fell $5.70, or 12.4 percent, to $40.30 after its earnings fell short of estimates and it gave a weak profit forecast. But skeptics argue with volatility gripping global markets, it would be a mistake to continue raising rates in the USA while other global central banks are focused on easing monetary policy.

Other markets:The dollar traded lower against most other major currencies (http://www.marketwatch.com/story/dollar- steadies-ahead-of-fomc-boj-meetings-2016-01-27) with the ICE Dollar Index off 0.6% while Treasury yield tumbled (http:/ /www.marketwatch.com/story/treasury-yields-rise-as-investors-brace-for-firm-tone-from-federal-reserve-2016-01-27) after the Federal Reserve took a more dovish tone in its policy statement. The euro rose to $1.0907 from $1.0853 and the dollar rose to 118.64 yen from 118.46 yen.

Hong Kong added 1.04 per cent and Seoul ended 1.4 per cent higher, but Sydney fell 1.2 per cent as investors returned from a one-day public holiday.

OVERSEAS: France’s CAC-40 was down 0.1 percent while Germany’s DAX rose 0.1 percent. The Shanghai Composite Index fell 4 per cent by midday before recovering to end down 0.5 per cent, adding to Tuesday’s 6.4 per cent loss.