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Summary:
- Oil held near recent highs, with private API data showing inventory builds across crude, gasoline and distillates ahead of Wednesday’s official US government figures
- A Saudi-led coalition said it intercepted a Houthi drone before it could enter restricted airspace around Mecca, calling security of the two holy mosques a “red line” and warning of further measures against the group
- Japan’s machinery orders fell short of forecasts in July while the August trade deficit widened more than expected, adding a cautious note to the growth and capex outlook; the yen briefly weakened before returning to little changed on the session
- Major FX traded subdued ahead of today’s Federal Open Market Committee decision, with a rate hike widely expected
- Japanese and South Korean equities traded in narrow, cautious ranges ahead of the FOMC outcome
- Crypto markets came under pressure after the US Senate failed to advance the Clarity Act on a cloture vote, leaving crypto oversight to continue under existing SEC and CFTC rulemaking rather than a unified federal framework; bitcoin extended losses on the result, an outcome markets had broadly anticipated
Oil prices held near their recent highs on Tuesday, with private survey data from the American Petroleum Institute showing inventory builds across crude, gasoline and distillates ahead of official US government figures due Wednesday morning.
In Middle East developments, a Saudi led coalition said it intercepted a Houthi drone before it could breach restricted airspace around Mecca. The coalition described security of the two holy mosques as a “red line” and said it would take the necessary measures against the group in response.
On the data front, Japan’s machinery orders fell short of forecasts in July, while the country’s August trade deficit widened more than expected as import growth continued to outpace exports. The figures added a cautious note to Japan’s growth and capital expenditure outlook. The yen lost some ground following the release before recovering to trade little changed on the session.
Major currencies traded in a subdued range ahead of today’s Federal Open Market Committee decision, with markets widely expecting a rate hike. Japanese and South Korean equities similarly traded in narrow, cautious ranges as investors awaited the outcome.
Crypto markets came under pressure following developments out of the United States on Tuesday. The Senate failed to advance the Clarity Act on a cloture vote, denying the crypto industry a unified federal regulatory framework and confirming that oversight will continue through existing SEC and CFTC rulemaking rather than statute. Bitcoin extended its losses on the result, though the outcome had been broadly anticipated by markets ahead of the vote.
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This article was written by Eamonn Sheridan at investinglive.com.