Morning Report

Wednesday, 13 June 2018

Asian markets were mixed in early Wednesday action as investors began to shift their focus from the recently concluded U.S.-North Korea summit to the conclusion of the Federal Reserve’sJune meeting later in the day.

The investors will now focus their attention on upcoming central bank meetings. The Federal Reserve will end its two-day meeting on Wednesday U.S. hours and is widely expected to announce a rate hike. Markets will also be looking for clues on the central bank’s rate hike trajectory this year.

The dollar index, which tracks the greenback against a basket of currencies, was supported ahead of the conclusion of the Fed’s meeting at 93.826. The People’s Bank of China set the Yuan reference rate at 6.4156 vs previous day’s fix of 6.4121. 

Oil prices fell on Wednesday, pulled down by rising supplies in the United States and expectations that voluntary production cuts led by producer cartel OPEC could be loosened. Brent crude futures were at $75.49 per barrel, down 39 cents, or 0.5 percent, from the last close. U.S. West Texas Intermediate (WTI) crude futures were at $65.92 a barrel, down 44 cents, or 0.7 percent from their last settlement.

Source : Reuters

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