Here's Myles Udland with a look ahead at what will be making headlines on Wednesday.Read More »
Asian stocks were mostly steady on Wednesday after Wall Street again rose to record highs, although movements were limited as a wait-and-see mood prevailed before the Federal Reserve reveals its monetary policy stance later in the day. The caution in financial markets ahead of the Fed has kept some investors from making sharper adjustments to their positions despite potentially higher tensions over the Korean peninsula following hawkish statements from U.S. President Donald Trump overnight. The Fed is due to announce its decision at 1800 GMT on Wednesday and is widely expected to keep rates unchanged after a two-day meeting but could begin paring its bond holdings, with reductions likely to start in coming months.
Tesla (TSLA) shares fell Tuesday following a bearish report saying the maker of all-electric vehicles will continue to lose money on an annual basis through 2019. XAutoplay: On | OffJefferies analyst Philippe Houchois initiated coverage of Tesla with an underperform rating and price target of 280, which is 26% below where the shares currently stand. Tesla shares were down 2%, near 377.10 during morning trading in the stock market today. Tesla shares are up 77% this year. "It is with a bit of a heavy heart that we initiate coverage of Tesla at underperform," Houchois wrote in a note to clients Tuesday, saying that boosting production remains the main challenge for Tesla. "Achievements to-date
For AA-rated Indian borrowers such as Hindalco Industries Ltd., choosing loans over rupee-denominated bonds is becoming a no-brainer after a drop in lending rates to the cheapest in seven years. ‘‘Today, if we have to raise money, we will prefer loans any day,” Alphonso Richard Das, Deputy Chief Financial Officer and Head of Treasury at Mumbai-based Hindalco, said in an interview.