ASX tipped to plunge after Wall Street pulls back

Summary

• SPI futures are pointing to a fall of 86 points, or 1.4 per cent, at the open for the benchmark ASX 200
• Optimism on Wall Street ground to a halt as the US Fed kicked off its two-day meeting overnight
• The S&P slid 0.8 per cent and the Dow dropped by 1.1 per cent, though the Nasdaq extended its record run to a new high
• Brent crude oil is up 0.9 per cent a barrel while US oil is up 2 per cent. Iron ore has slipped 1 per cent to $US104.60 a tonne
• The Aussie dollar has edged lower after China warned its students to think carefully before choosing Australia. The Aussie is worth US69.60c