Asian markets opened higher on Wednesday as more growth data was reported, including IMF's revised forecast on global economic recovery. US markets closed lower, but remained in the vicinity of record highs for market closing.
Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased covid-19 vaccinations and a report that crude inventories in the United States, the world's biggest fuel consumer, fell.
Brent crude futures for June rose by 34 cents, or 0.5%, to $63.08 a barrel by 01:23 GMT while US West Texas Intermediate crude for May was up 32 cents, or 0.5%, to $59.65.
"Optimism on the global economic outlook boosted sentiment in the crude oil market," analysts from ANZ bank wrote in a note on Wednesday. (Reuters)
The Reserve Bank of India’s monetary policy committee will reveal its decision on key policy rates today after two days of deliberation. While it was expected earlier that indications of economic recovery could pave the way for policy normalisation, the gains could come undone quickly if consumer demand is hit on account of fresh curbs imposed in Delhi and Mumbai amid rise in covid cases. All 30 economists surveyed by Bloomberg expect the six-member Monetary Policy Committee to keep the benchmark repurchase rate unchanged at 4% on April 7.
Gold prices inched lower on Wednesday, retreating from a two-week high hit in the previous session, as a raft of strong U.S. data boosted hopes of a quick economic recovery. Spot gold was down 0.2% to $1,739.46 per ounce by 0127 GMT. Gold futures slipped 0.1% to $1,740.90 per ounce.
Bullion prices had jumped on Tuesday to their highest since March 25 at $1,745.15, as U.S. Treasury yields fell and the dollar slipped to a two-week low against a basket of currencies. (Reuters)
Asia stocks edged higher at the open, with global markets poised at all-time highs as investors assess the pace of the recovery from the pandemic. Treasuries held gains. Equity benchmarks in Japan, Australia and South Korea advanced. US futures were in the green after technology companies led a modest decline in the S&P 500 Index on Tuesday, offsetting gains in retailers. The Nasdaq 100 also retreated in low activity. Volume on U.S. exchanges slipped below 10 billion shares for the first time this year.
The SGX Nifty was at 14,757.20, down 33.25 points or 0.22% at 7:26 am.
S&P 500 futures rose 0.1% as of 9:07 a.m. in Tokyo. The S&P 500 fell 0.1%.
Topix Index rose 0.4%.
Australia’s S&P/ASX 200 Index rose 0.2%.
South Korea’s Kospi Index rose 0.2%.
The yield on 10-year US Treasuries was at 1.66% after falling four basis points.
The S&P 500 slipped on Tuesday but stayed near closing record highs posted in consecutive sessions, as investors weighed more strong U.S. economic data against nervousness about upcoming quarterly earnings reports. The Dow Jones Industrial Average fell 96.95 points, or 0.29%, to 33,430.24, the S&P 500 lost 3.97 points, or 0.10%, to 4,073.94 and the Nasdaq Composite dropped 7.21 points, or 0.05%, to 13,698.38. The dip came a day after a rally sent the Dow and the S&P 500 to record highs.
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