Global markets steady as investors await Fed meeting minutes

MANILA, Philippines (AP) — Global shares were steady Wednesday as investors awaited the release of minutes from a March meeting of the U.S. Federal Open Market Committee to obtain clues about the chances of interest rate hikes in coming months. KEEPING SCORE: Britain's FTSE 100 rose 0.6 percent...

MANILA, Philippines (AP) — Global shares were steady Wednesday as investors awaited the release of minutes from a March meeting of the U.S. Federal Open Market Committee to obtain clues about the chances of interest rate hikes in coming months.

KEEPING SCORE: Britain's FTSE 100 rose 0.6 percent to 6,128.57 and Germany's DAX shed 0.2 percent to 9,549.10. France's CAC 40 rose 0.3 percent to 4,260.86. U.S. futures augured small gains on the open for Wall Street, with Dow futures up 0.1 percent and S&P futures up 0.2 percent.

ANALYST VIEWPOINT: Stephen Innes, a senior trader at OANDA, said there was a lot of interest in the release later Wednesday of the minutes from the Federal Open Market Committee meeting following a statement by International Monetary Fund head Christine Legarde that the pace of the global economic recovery is "too slow, too fragile." He said "it will be more a case of traders deciding if the Fed is very dovish or extremely dovish, so dealers will likely split hairs on this debate post release."

DRUGS DEAL: Shares traded in New York in Dublin-based drugmaker Allergan Plc had fallen 15 percent on reports Tuesday that its $160 billion merger deal with Pfizer Inc. would be called off. Pfizer's had risen 2.1 percent. The moves suggest investors considered the deal to be dead, as it was confirmed on Wednesday, due to tougher Treasury regulations on deals meant to reduce a company's tax bill.

ASIA'S DAY: Earlier, Japan's Nikkei 225 closed 0.1 percent lower at 15,715.36. Hong Kong's Hang Seng index was up 0.2 percent at 20, 206.67, while China's Shanghai Composite fell 0.1 percent to 3,050.59. Australia's S&P ASX 200 gained 0.4 percent to 4,945.90. South Korea's KOSPI rose 0.4 percent to 1,971.32, while Taiwan's benchmark TAIEX index fell 1.7 percent to 8,513.30. Southeast Asian markets were mixed.

CHINA SERVICES: The Caixin services purchasing managers' index (PMI) for March rose to 52.2 from February's 51.2. Despite the slight boost, services companies took a cautious approach to staff numbers, with the first fall in services sector employment since August 2013, said Caixin, a media group providing financial and business news.

ENERGY: Benchmark U.S. crude was up $1.02 at $36.91 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, rose 93 cents to $38.80 per barrel.

CURRENCIES: The U.S. dollar inched up to 110.41 yen from 110.31 yen the previous trading day. The euro fell to $1.1443 from $1.4163.

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