Gold was down on Wednesday morning in Asia, but remained above the $1,800-mark. Investors digested a weaker-than-expected rise in U.S. inflation that added to uncertainty over the U.S.s Federal Reserve’s timeline to begin asset tapering.
The dollar was up on Wednesday morning in Asia. The U.S. currency remained within recent ranges as the latest U.S. inflation data raised doubts that the Federal Reserve would begin asset tapering in 2021.
Oil prices climbed on Wednesday after industry data showed a larger than expected drawdown in crude oil stocks in the United States, the world’s largest oil consumer, and on expectations that demand will recover as vaccine roll-outs widen.
Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.
Asian shares fell on Wednesday as weak Chinese economic data reinforced worries about slowing growth globally as well as in the world’s second-biggest economy amid fraught nerves over a still-dominant pandemic and tapering of central banks’ stimulus.