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By Malvika Gurung
Investing.com — The listed on the Singapore-based Exchange SGX, an early indicator for , was trading 1.4% higher at 8:38 am on Wednesday, indicating Dalal Street to have a gap-up opening, tracking strong global cues. At the same time, the was trading 0.23% lower.
Major indices on Wall Street ended sharply higher on Tuesday, a day ahead of the US Fed’s meeting, as inflation woes receded and oil prices tumbled almost 7%. Besides, the U.S. producer prices for Feb, though increased, came in line with the expected figures.
The Fed is expected to raise interest rates by at least 25 basis points, while oil slid to its three-week low, as Russia suggested reviving the Iran nuclear deal amid worries that the surging Covid-19 cases in China would hamper demand.
Oil prices settled below the $100/barrel mark, after flying to almost $140/barrel last week.
surged 2.92%, climbed 2.14%, and ended 1.82% higher on Tuesday.
Stocks across the Asian markets opened higher on Wednesday, tracking an overnight rally on Wall Street and assessing the rising Covid-19 cases in China, while keenly watching the Fed’s decision in the monetary meeting ahead.
At 8:35 am, Japan’s surged 1.73%, South Korea’s climbed 0.75%, while MSCI’s broadest index of Asia-Pacific shares outside Japan tanked 2.72%.
Hong Kong’s gained 1.43%, and China’s dropped 0.9%.
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