- Asian stocks were steady on Wednesday as traders considered another all-time high for US shares and a pullback in short-term sovereign yields ahead of the Fed's policy announcement.
- Iron-ore price stability boosted commodity exporter Australia, but shares in China and Hong Kong fluctuated. Japan is closed for the holidays. Futures for the S&P 500 and the Nasdaq 100 were little changed following new highs for US stocks. Wall Street has been bolstered by firm earnings' resilience to increased input costs in the face of pandemic-related supply chain and labour disruptions.
- The dollar index held a climb. Because of the Japan holiday, Cash Treasuries will not trade in Asia. US treasury two-year yields fell overnight, joining a global drop in short-term rates triggered by the Australian central bank's dovish stance. Australian sovereign yields have fallen.
- Premier Li Keqiang of China stated that the Chinese economy is under new downward pressure. Investors are keeping an eye on a coronavirus outbreak in the world's second-largest economy, which has already resulted in mobility restrictions. Debt problems in the country's real estate sector rage on as well.
