UPDATE 1-Asia Morning Call-Global Markets

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** indicates closing price

All prices as of 20:21 GMT

EQUITIES

GLOBAL - A gauge of global stocks fell on Wednesday while the dollar dipped against a basket of peers after the Federal Reserve left interest rates unchanged and indicated it is still leaning toward eventual rate cuts and after a batch of U.S. economic data.

MSCI's gauge of stocks across the globe EURONEXT:IACWI fell 0.94 points, or 0.12%, to 755.67.

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NEW YORK - U.S. stocks closed mixed on Wednesday after the Federal Reserve left its key interest rate unchanged, as expected, but indicated that its next move will probably be to cut rates.

According to preliminary data, the S&P 500 SPX lost 18.12 points, or 0.36%, to end at 5,017.57 points, while the Nasdaq Composite IXIC lost 54.55 points, or 0.35%, to 15,603.27. The Dow Jones Industrial Average DJI rose 78.54 points, or 0.21%, to 37,894.46.

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LONDON - European shares closed lower on Tuesday weighed by a bleak raft of earnings reports from the region's top car makers, while investors also assessed a possible merger between two Spanish banks and data that signalled improving economic fundamentals.

The continent-wide STOXX 600 stocks index SXXP slipped 0.6%.

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TOKYO - Japan's Nikkei share average closed lower on Wednesday, with traders maintaining a cautious stance on the first day of the month ahead of the U.S. Federal Reserve's monetary policy decision.

The Nikkei NI225 managed to recoup some of the early losses as investors singled out individual stocks, but finished the day 0.3% lower at 38,274.05.

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SHANGHAI - Mainland China's financial markets will be closed from Wednesday, May 1, through Sunday, May 5, for the Labor Day holiday.

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AUSTRALIA - Australian shares are expected to edge lower at open on Thursday, as investors process the Federal Reserve Chair's statement that there has been little progress in lowering inflation this year, fueling uncertainty on the timing of an impending rate cut.

The local share price index futures (YAPcm1) fell 0.2%, a 3.9-point premium/discount to the underlying S&P/ASX 200 index XJO close. The benchmark dropped by 1.2% on Wednesday.

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SEOUL - South Korean financial markets will be closed on Wednesday for a public holiday. Markets will resume trading at normal hours on Thursday, May 2

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FOREIGN EXCHANGE

NEW YORK - The dollar fell on Wednesday after the U.S. Federal Reserve signaled it is still leaning toward eventual reductions in borrowing costs, but repeated that it wants to gain "greater confidence" that inflation will continue to fall before cutting rates.

The dollar index DXY fell 0.44% at 105.85, after earlier reaching 106.49, the highest since April 16.

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CHINA - Mainland China's financial markets will be closed from Wednesday, May 1, through Sunday, May 5, for the Labor Day holiday.

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AUSTRALIA - The New Zealand dollar extended its overnight declines on Wednesday while bond yields sagged as a soft reading on the local labour market reinforced bets rate cuts will come later this year.

The Australian dollar AUDUSD was nursing heavy losses at $0.6467, having plunged 1.4% overnight to breach its 200-day moving average of $0.6501.

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SEOUL - South Korean financial markets will be closed on Wednesday for a public holiday. Markets will resume trading at normal hours on Thursday, May 2.

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TREASURIES

NEW YORK - U.S. Treasury yields pulled back on Wednesday after the Federal Reserve kept interest rates steady, as expected, but signaled that it still plans to cut interest rates at some point.

In afternoon trading, the benchmark 10-year yield US10Y dropped 9.5 basis points to 4.589%.

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LONDON - Euro zone government bond yields rose on Tuesday as inflation in the bloc steadied in March and the economy rebounded in the first quarter, while separate data showed U.S. labour costs increased more than expected in the first quarter.

The German 10-year bond yield (DE10YT=RR), the benchmark for the euro zone bloc, was up nearly 5 basis points at 2.57%.

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TOKYO - Japanese government bond yields climbed on Wednesday, tracking a rise for U.S. Treasury yields ahead of the conclusion of the Federal Reserve's two-day policy meeting later in the day.

The 10-year JGB yield (JP10YTN=JBTC) rose 2 basis points to 0.89% as of 0543 GMT on Wednesday.

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COMMODITIES

GOLD

Gold prices climbed over 1% on Wednesday as the dollar and U.S. Treasury yields tumbled lower after the Federal Reserve's interest-rate decision and Chair Powell's speech.

Spot gold GOLD was up 1.7% at $2,323.38 per ounce as of 15:15 p.m. ET (1915 GMT).

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IRON ORE

Iron ore and steel futures fell on Tuesday amid risk-off sentiment ahead of a Chinese public holiday, but most contracts posted monthly gains on the back of better demand outlook from the property sector.

The most-traded September iron ore on China's Dalian Commodity Exchange (DCE) TIO1! closed down 0.1% at 874 yuan ($120.65) per metric ton. Still, it rose 16.6% this month, the best gain since June 2023.

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BASE METALS

Copper prices fell on Wednesday as funds continued to cash in near the $10,000 per metric ton mark following the sharpest rally in years.

Three-month copper on the London Metal Exchange (LME) HG1! fell 0.9% to $9,904.5 a ton as at 1617 GMT. It touched a two-year high of $10,208 on Tuesday.

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OIL

Oil prices fell about 3% to a seven-week low on Wednesday on a surprise build in U.S. crude stocks, the prospect of a Middle East ceasefire agreement and as hopes faded for near-term U.S. interest rate cuts that could boost oil demand.

Brent BRN1! futures for July delivery fell $2.89, or 3.4%, from where the July contract closed on Tuesday to settle at $83.44 a barrel on Wednesday.

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PALM OIL

Malaysian palm oil futures fell on Tuesday, closing at their lowest in more than two months, as falling exports in the world's second-biggest producer and weak Chicago soyoil prices weighed.

The benchmark palm oil contract FCPO1! for July delivery on the Bursa Malaysia Derivatives Exchange closed down 101 ringgit, or 2.58%, to 3,814 ringgit ($799.58), the lowest close since Feb. 22.

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RUBBER

Japanese rubber futures dropped on Wednesday, as softer oil prices and falling Tokyo stock market diminished investors' risk appetite, but trade was light with many Asian participants away for a holiday.

The Osaka Exchange (OSE) rubber contract for October delivery TRB1!, TRB1! finished 3.6 yen, or 1.2%, lower at 303.4 yen ($1.92) per kg.

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