The New Zealand dollar is little changed after Fonterra Cooperative Group hiked its 2014 forecast payout and ahead of a statement today which may provide further clues on when the US Federal Reserve is likely to pare back monetary policy stimulus. The kiwi was little changed at 79.85 US cents, from 79.92 cents at the 5pm market close in Wellington …

Fonterra Cooperative Group, the world’s biggest dairy exporter, has lifted its forecast milk payout to farmers by 50 cents in the 2014 season as global supply remains constrained and as a weaker local currency bolsters export returns. The Auckland-based company expects to pay $7.50 per kilogram of milksolids and an estimated dividend of 32 cents per share, it said in …

Disappointing earnings hurt shares of companies including Occidental Petroleum, last down 3.3 percent, and Coach, last 8.3 percent weaker. There were positive earnings surprises too such as for Pfizer, helping lift its shares 0.68 percent. Overall Wall Street was mixed as Federal Reserve policy makers began a two-day meeting today, and investors are keen for fresh clues about the outlook …