Global Markets Mixed Ahead of Fed Interest Rate Decision

By Dow Jones Newswires StaffGlobal stock markets were muted Wednesday, while oil slipped along with the dollar. Oil's slight decline came even as the conflict between Israel and Iran entered its sixth day and after President Trump warned he is losing patience with Iran.Broader markets were mixed as investors awaited the Federal Reserve's policy decision later where it is widely expected to leave rates unchanged.U.S. futures for the S&P 500 were up 0.3% and futures for the Dow Jones Industrial Average climbed 0.2%, with Nasdaq futures up 0.3% early in Europe.Stocks in Asia ended mixed. Japan's Nikkei closed 0.9% higher, lifted in part by Nintendo shares rising on strong demand for the Switch 2, and despite the first drop in Japan's exports in eight months. The Hang Seng fell 1.3% but the benchmark Shanghai index was flat. India's Sensex closed down and Australian stocks fell for a second day.The Stoxx Europe 600 dropped 0.1% in morning trading, France's CAC 40 rose 0.1% and Germany's DAX held steady. The U.K.'s FTSE 100 added 0.1%.Brent crude and WTI were both 0.6% lower at $75.99 and $72.80 a barrel, respectively. "While it's hard to fight the current risk premium on crude, higher prices will need to be backed by evidence of supply disruption," said ING's Francesco Pesole and Frantisek Taborsky in a note.Gold futures traded in a narrow range as investors turned cautious ahead of the Fed, and were down 0.1% at $3,402.0 a troy ounce, though they remained up 1.75% on week.The dollar fell a touch, with the DXY dollar index last down 0.2% against a basket of major currencies to 98.869. U.S. Treasury yields, which fell Tuesday across maturities, edged higher, with the Fed's updated growth, inflation and policy rate projections in focus. The 10-year yield was up almost 2 basis points at 3.409%, according to Tradeweb.Bitcoin rose slightly after the Senate passed legislation to regulate stablecoins, a widely used cryptocurrency typically pegged to a government currency such as the dollar, marking a major milestone for the industry. Bitcoin was up 0.4% to $104,804, according to LSEG, with gains capped as investors remain cautious on risky assets amid the conflict between Israel and Iran.Sterling rose marginally after the latest U.K. inflation data came in line with expectations.Write to Barcelona Editors at [email protected]