Wall Street down ahead of Fed report

At midday in New York, the Dow Jones Industrial Average was 1.17 percent lower to 13,291.89. The Nasdaq Composite had fallen 0.69 percent to 2,612.19, while the S&P 500 was down 1.14 percent to 1,472.48. Bad news in the real estate sector and expected reports from the Federal Reserve later Wednesday and from retailers on Thursday did not help the markets. Retailers and toymakers were lower, but the aerospace sector and computer makers were higher in midday trade.

Asia-Pacific equities markets were mixed again on Wednesday. In Hong Kong, the Hang Seng closed above the 24,000 level for the first time, ending the session 0.77 percent higher to 24,069.17. Other gainers on the day included the Shanghai Composite, which added 0.31 percent to 5,310.72 and the Straits Times index in Singapore, which ended the session higher at 3,445.08. Among decliners, Taiwan’s Taiex dropped 0.1 percent to 8,913.85, while in India the Sensex were down 0.12 percent to 15,446.15. In Australia the Sydney Ordinaries fell 0.36 percent lower to 6,274.3 and the S&P/ASX200 was 0.49 percent lower to 6,262.7. South Korea’s Kospi index also dropped 0.49 percent, to 1,865.59.

The real estate sector took a hit in Tokyo, with the exchange’s properties sector index dropping 4.2 percent on the session on overvaluation concerns. The declines helped send the Nikkei 225 down 1.6 percent to 16,158.45, while the Topix index dropped 1.71 percent to 1,569.47. The Mothers market fell 2.23 percent to 717.07. Along with the properties sector declines, homebuilders and banks also saw declines. There were gains, however, in the retail and electronics sectors.

European markets were lower on the session. The FTSE Eurofirst 300 was 1.69 percent lower to 1,523.24. In Frankfurt, the Dax dropped 1.73 percent to 7,588.03, while the Paris CAC-40 fell 2.14 percent to 5,551.55 and the IBEX was down 2.31 percent to 14,252.5 in Madrid. There were only three gainers between the Dax and CAC-40, two in the banking sector and one among chemicals groups. Airlines and carmakers were lower, along with banks, aerospace groups, and the pharmaceuticals sector.

London’s markets saw declines as well. The FTSE 100 dropped 1.66 percent to 6,270.7 and the FTSE 250 was down 1.83 percent to 11,300.7. Miners and some in the financial sector were higher, although banks and some insurers saw declines. Builders and online gamers were higher, but waste management groups and car rentals agencies were lower.

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