Asian shares inched towards a five-month high on Wednesday and the dollar hovered near a three-week low after Federal Reserve Chairman Jerome Powell reinforced the U.S. central bank’s shift to a more “patient” approach on policy in the face of a slowing economy.
Asian Shares
- MSCI’s broadest index of Asia-Pacific shares outside Japan advanced nearly 0.2 percent.
- Australian stocks were 0.2 percent higher.
- China’s blue-chip CSI300 and Hong Kong’s Hang Seng Index rose by 0.4 percent and 0.5 percent, respectively.
- Japan’s Nikkei share average gained half a percent.
- E-Minis for the S&P 500 holding steady
Currency Market
The British pound vaulted after Prime Minister Theresa May offered lawmakers the chance to vote on delaying Brexit.
- Sterling last traded at $1.3246, having risen to $1.3288 on Tuesday.
- The euro was down a tad at $1.1380
- The greenback held steady at 110.62 yen per dollar.
Commodities
Oil futures gradually changed on Tuesday after news that OPEC planned to continue production cuts despite Trump criticizing the producer group for rising crude prices a day earlier.
- Gold was down slightly at $1,328.10, 1.4 percent below a 10-month peak of $1,346.70 scaled last Wednesday.
- U.S. crude futures stood at $55.96 per barrel
- Brent crude was 0.6 percent higher at $65.62 a barrel.
