Global stocks gain slightly, US$ slips as investors await Fed

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"We will see what Yellen has to say at the press conference regarding the balance sheet, regarding rates, regarding Fischer's resignation and her term, and see how the market takes it", Justin Lederer, an interest rate strategist at Cantor Fitzgerald in NY, said, referring to the news conference Yellen is scheduled to hold following the Fed meeting. The Federal Open Market Committee wraps up a two-day meeting Wednesday, but a rate hike is not expected. The Bank of Japan also meets this week but unlike the Fed is expected to signal it will keep its stimulus at full thrust.

In line with that, 75% of respondents said the Fed wouldn't change its post-meeting statement to reflect growing concerns over inflation, up from 67% in a July survey. South Korean shares .KS11 dipped 0.1 percent, against a backdrop of caution ahead of the Fed meeting as well as continuing tensions on the Korean peninsula.

President Trump speaks in front of the United Nations in New York Tuesday. The central bank is expected to hold rates steady for now while signaling its intent to raise rates once more before the end of the year.

The dollar index, which tracks the greenback against a basket of six major rivals, inched 0.2 percent lower to 91.928 .DXY .

The key outside markets on Tuesday morning see the USA dollar index weaker. On Wall Street, the futures for the Dow Jones industrial average and for the Standard & Poor's 500 were up 0.2 percent.

In Asia on Monday Hong Kong rose one percent, Shanghai 0.5 percent higher and Sydney rallying 0.6 percent. "The balance sheet is going to go to $10 trillion".

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The pan-European FTSEurofirst 300 index closed up 0.1 percent, while MSCI's gauge of stocks across the globe gained 0.21 percent and hit a record closing high as well.

The Nikkei's 2 percent jump overnight took its gain to nearly 30 percent since Abe took power in late 2012.

In the US bond market, yields rose slightly.

The yield on the benchmark U.S. Treasury 10-year note recently traded at to 2.232%, according to Tradeweb, from 2.230% Monday.

In energy markets, oil prices retreated from near-five-month highs ahead of this week's meeting between key oil producers on the outlook for further supply cuts. US crude fell 0.2 percent to $49.81 per barrel and Brent was last at $55.11, down 0.25 percent on the day.

USA crude CLcv1 fell 43 cents to settle at $49.48 a barrel, while Brent LCOcv1 declined 34 cents to settle at $55.14.

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