AUTO REFRESH ON Asian market check Asian shares took a breather on Wednesday after rallying the previous day on Chinese stimulus hopes, with investors assessing Brexit options after British lawmakers trounced Prime Minister Theresa May’s deal to pull out Britain from the European Union. Japan's Nikkei 225 fell about 0.7 per cent in early trade while the Topix index slipped 0.52 per cent. In South Korea, the Kospi traded near flat at about 0.09 per cent. In Australia, the benchmark ASX 200 trimmed fractional gains to trade flat after the first hour of trade.
Before heading into Wednesday's trade, investors are likely to take an account of the overnight political developments in the global markets. Asian shares took a breather on Wednesday after rallying the previous day on Chinese stimulus hopes, with investors assessing Brexit options after British lawmakers trounced Prime Minister Theresa May’s deal to pull out Britain from the European Union (EU).
British parliament on Wednesday rejected May's Brexit deal agreed with the EU. With just over two months to go until the scheduled Brexit date of March 29, this leaves Britain in uncertainty and the world on tenterhooks about what will happen next. MPs from all parties had opposed the agreement for different reasons, according to agency reports.
This apart, the US government shutdown reached its 25th day on Tuesday, with most of the 8 lakh employees who have been furloughed or are working without pay having missed their first paychecks last week.
SGX Nifty
Nifty futures on Singapore Exchange (SGX) were trading at 10,918, down 25 points or 0.23 per cent in early trade.
Rupee
The Indian rupee Tuesday plunged by another 13 paise to close at one-month low of 71.05 against the US dollar amid strengthening greenback and surging crude oil prices.
December quarter results
On Wednesday companies such as MindTree, Phillips Carbon Black, 5Paisa Capital, Motilal Oswal Financial Services, HT Media, DCB Bank are slated to announce their December quarter results later in the day.
Global Markets
Japan's Nikkei 225 fell about 0.7 per cent in early trade while the Topix index slipped 0.52 per cent. In South Korea, the Kospi traded near flat at about 0.09 per cent. In Australia, the benchmark ASX 200 trimmed fractional gains to trade flat after the first hour of trade.
US stocks rose on Tuesday as technology and internet stocks gained on Netflix Inc's plans to raise fees for US subscribers and hopes of more stimulus for China's slowing economy fostered a risk-on mood among investors.
The Dow Jones Industrial Average rose 155.75 points or 0.65 per cent to 24,065.59, the S&P 500 gained 27.68 points or 1.07 per cent to 2,610.29 and the Nasdaq Composite added 117.92 points or 1.71 per cent to 7,023.83.
Oil Prices
US oil prices inched lower on Wednesday after gains of more 3 per cent in the previous session, pressured by concerns over the outlook for the global economy.
US West Texas Intermediate (WTI) crude futures were at $51.82 per barrel, down 29 cents, or 0.5 per cent, from their last settlement. International Brent crude oil futures had yet to trade.
(with Reuters input)
(with Reuters input)