U.S. equity futures and Asian stocks were steady Wednesday after a selloff in technology shares amid comments from Treasury Secretary Janet Yellen on interest rates that rattled markets. The dollar held gains.
S&P 500 contracts were little changed following a climb in commodity, financial and industrial sectors that helped the gauge pare losses. Holidays in key markets including Japan, China and South Korea will limit trade in Asian hours.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.4% to 14,593 as of 7:45 a.m after the news of an unscheduled speech from the RBI Governor in a few hours.
Commodities rallied to the highest in almost a decade as a rebound from the pandemic in the world’s largest economies stokes demand for metals, food and energy. Treasury futures were steady, with cash markets closed in Asia.
Oil extended a rally amid declining U.S. stockpiles and reopening drives in the U.S. and Europe.
Back home, Adani Ports, RBL Bank, L&T Infotech, Adani Total, P&G Hygiene may react as the companies reported quarterly results after the market closed Tuesday. Tata Steel, Ceat, SRF, Adani Enterprises, Adani Green are among the companies scheduled to report earnings Wednesday. Foreign investors sold net Rs 1,670 crore of stocks on Monday, according to NSDL website.