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GLOBAL MARKETS-Dollar weakens, stocks gain before Fed meeting; oil up

Published 2016-09-19, 11:54 a/m
© Reuters.  GLOBAL MARKETS-Dollar weakens, stocks gain before Fed meeting; oil up
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* Crude prices rise on hints of output deal

* Wall Street up in early trading

* U.S. dollar broadly weaker ahead of Fed meeting (Updates with early U.S. market activity, changes dateline, previous LONDON)

By Caroline Valetkevitch

NEW YORK, Sept 19 (Reuters) - The U.S. dollar weakened and world stock indexes rose on Monday as investors expected the U.S. Federal Reserve to leave interest rates unchanged this week, while oil prices bounced back from multi-week lows.

U.S. Treasuries yields dipped as traders booked profits ahead of this week's Fed policy meeting as well as the Bank of Japan's policy meeting.

Weak recent U.S. data has boosted bets that the Fed would skip a chance to raise rates at this meeting. Japan, policymakers could well go in the opposite direction by easing policy, though conflicting reports on what it might do have stoked uncertainty.

Sources have said the BoJ will consider making negative interest rates the centerpiece of future easing by shifting its prime policy target away from base money. policy meetings are scheduled for Sept. 20-21.

"The market is resigned to believe that (the Fed is) not going to raise rates this week," said Thierry Albert Wizman, global interest rates and currencies strategist at Macquarie Ltd in New York.

The dollar index, which measures the greenback against a basket of six major currencies, was last down 0.38 percent at 95.744 .DXY after hitting a 15-day high of 96.108 on Friday.

In early trading, benchmark 10-year Treasury notes US10YT=RR were up 1/32 in price for a yield of 1.696 percent, down 0.5 basis point from late on Friday. prices rose after Venezuela said OPEC and non-OPEC producers were close to a deal to stabilize the market. Brent crude futures LCOc1 were up 1.8 percent at $46.57 a barrel at 1337 GMT and U.S. crude CLc1 was up 1.9 percent at $43.83. firmer oil price bolstered energy company shares on bourses around the world, with the S&P 500 energy index .SPNY up 0.8 percent. Last week, Brent hit a two-week low and U.S. crude fell to a five-week low.

The Dow Jones industrial average .DJI was up 94.67 points, or 0.52 percent, to 18,218.47, the S&P 500 .SPX had gained 9.54 points, or 0.45 percent, to 2,148.7 and the Nasdaq Composite .IXIC had added 16.20 points, or 0.31 percent, to 5,260.77. all-country world stock index .MIWD00000PUS was up 0.7 percent, while European shares .FTEU3 were up 1 percent.

Assuming no move on Fed policy, the focus will be on the FOMC's forecasts for the funds rate.

There was little discernible market reaction to weekend bombings in New York City and New Jersey and a stabbing at a Minnesota shopping mall.

For Reuters new Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets

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