It
was a very light day for news and data ahead of the Federal Reserve
decision due later today.

After
People’s Bank of China rate cuts to two policy instruments
yesterday gasoline and diesel prices were cut today. More on all of
these stimulus moves in the points above.

Major
FX rates were tightly rangebound ahead of the Fed. The offshore yuan
was weak, with USD/CNH holding above 7.17 for much of the session.

Asian
equity markets:

• Japan’s Nikkei 225 +0.9%

• China’s Shanghai Composite +0.1%

• Hong Kong’s Hang Seng -0.2%

• South Korea’s KOSPI -0.2%

• Australia’s S&P/ASX 200 +0.3%