US. stocks ended mixed with the S&P declining 0.1%, while Alphabet Inc. slipped in after-hours trading as its results disappointed.
The dollar stabilized after falling to a 15-month low to start a week packed with corporate results and a Federal Reserve rate decision.
The Fed is expected to make no change to policy tomorrow with investors and economists parsing the statement for clues on how officials plan to proceed in reducing the Fed balance sheet.
Oil gained 1.1% after Saudi Arabia Energy and Industry Minister Khalid Al-Falihsaid promised deep cuts to crude exports next month to help ease a global glut.
S. crude stockpiles probably fell for a fourth week through July 21, according to a Bloomberg survey before government data tomorrow.
European stocks were unchanged yesterday as automakers fell for a third day, declining 1.2%, following concerns surrounding antitrust collusion in the industry.
In currency news, the euro fell for the first time in three days against the dollar, following disappointing German manufacturing data. Investors and analysts are increasingly focused on trends and the levels seen in the currency as significant appreciation could dampen this year’s long-awaited earnings revival in Europe.
Almost a third of the companies in the Stoxx 600 are scheduled to report results this week.
In Asia overnight, Japanese and Chinese stocks retreated falling 0.1% and 0.3% respectively.