Given rising oil prices with West Texas Intermediate (WTI) trading over $91 and Brent Crude creeping toward $95 there is a sense that the Fed may need to resume its inflation-fighting efforts in November. Markets seem to be ready to accept a “no action” Fed meeting tomorrow based on Fed Fund futures having priced in a 99% chance of rates remaining the same after tomorrow, per the CME FedWatch website. European markets are higher in midday trading and U.S. India’s markets are closed today as the country observes Ganesh Chaturthi, a Hindu festival marking the birthday of the Hindu deity Ganesh, the god of prosperity and wisdom. China’s Shanghai Composite, which ended the day essentially flat, down a mere 0.03% while Taiwan’s TAIEX fell 0.37%, Australia’s ASX All Ordinaries declined 0.45%, South Korea’s KOSPI gave back 0.60%, and Japan’s Nikkei closed 0.87% lower on semiconductor chip company declines. Asia-Pacific equity markets finished the day mostly lower except for Hong Kong’s Hang Seng, which gained 0.37% in a mixed session led by Utilities and Non-Energy Materials.
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