Chinese stocks extended monthly gains during the Asian session overnight helped by property shares which rallied on speculation the government may loosen property curbs. However, the majority of other Asian markets declined ahead of the US economic growth data and the conclusion of a Federal Reserve policy meeting later today.
Early figures this morning showed German retail sales unexpectedly declined in June, casting doubts about Europe’s economic recovery weighed on consumer spending. With data in focus and the FOMC statement later today, investors will likely take to the side-lines ahead of the comments from the Federal Reserve.
Gold advanced overnight as investors awaited the conclusion of US Federal Reserve policy makers’ meeting today for sings whether the Fed may start reducing its unprecedented stimulus program. Gold has fallen nearly 20 percent this year amid speculation the Fed may start to taper the program as the US economy improves.