- Ahead of the Federal Reserve's rate announcement, markets were pressured by the possibility of a recession and concerns about financial stability, causing oil to fall below $70 per barrel and US regional lenders to suffer.
- Trading was mixed throughout markets as investors awaited policymakers' cues over the direction of US rates. After Tuesday's significant losses, S&P 500 futures modestly recovered, while the dollar declined. The desire for safe-haven assets helped ten-year Treasuries extend their gains from Tuesday. Traders anticipate the Fed will announce a break in its fast rising cycle after increasing borrowing prices by 25 basis points at today's meeting.
- Defensive industries like consumer goods and food and beverage businesses led market advances in Europe, while energy shares fell.
- In New York, crude futures dropped to their lowest level since March. Shares of Western Alliance and Pacwest slid premarket, worsening Tuesday's rout.
- German Chamber of Commerce slashes its forecast for real growth of German exports in 2023 to 1% vs the previous forecast for 2.5%.
