- Asia's equities rose after US stocks closed January on a high note, as hints of lowering inflation bolstered risk appetite ahead of the Federal Reserve's meeting on Wednesday.
- Australian and Japanese benchmarks rose, but Hong Kong and mainland China gauges fluctuated. The S&P 500 futures contract dipped after the index rose 1.5% on Tuesday. The Nasdaq 100 futures index also fell after the tech-heavy benchmark rose 1.6% to end its best month since July and its best start to a year since 2001.
- The decrease in US futures followed a number of corporate earnings releases issued after US markets closed, including a poor outlook from Electronic Arts and Snap's first-ever predicted revenue decline.
- Australian and New Zealand yields declined, while the treasury rally stalled after the 10-yr yield fell 3 bps on Tuesday. The dollar index traded flat, while the yen rose.
- Gains in US markets were aided by labour cost data that fell short of expectations. Separate data showed that the US home market continues to cool. Another report revealed an unexpected drop in consumer confidence.
