In Asian Equity Markets stocks were precariously poised on Wednesday as the world waited to hear from the U.S. Federal Reserve on when it would stop buying assets and start raising interest rates, possibly piling pressure on its peers to follow. The MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 percent in slow trade. Japan’s Nikkei edged up 0.1 percent and South Korea lost 0.3 percent. The CSI300 index fell 0.3 percent to 5,034.67 at the end of the morning session, while the Shanghai Composite Index gained 0.1 percent to 3,664.19.

In Currency Markets the dollar held its recent gains in early Asia trading on Wednesday as investors looked towards a key Federal Reserve policy meeting to see if it would reinforce growing market expectations for earlier rate rises next year. The euro last traded at $1.1265, not far from $1.1184 hit in November, which was its lowest in over a year. The pound languished at $1.13326 as Britain grapples with rising cases of the Omicron variant of the new coronavirus. The yen softened slightly to 113.78 per dollar, while the Australian dollar was little changed at $0.7107.

In US Equity Markets stocks ended lower on Tuesday after data showed producer prices increased more than expected in November, solidifying expectations the Fed this week will announce a faster wind-down of asset purchases. The S&P 500 lost 0.73 percent, to end at 4,634.30 points, while the Nasdaq Composite lost 1.11 percent, to 15,241.74. The Dow fell 0.28 percent, to 35,551.50. Most of the 11 major S&P 500 sector indexes fell, with tech putting on the worst performance. Financials gained as investors bet on a hawkish tone from the Fed at the end of its two-day meeting on Wednesday.

In Commodities Markets oil futures prices fell toward $73 a barrel on Tuesday after the International Energy Agency (IEA) said the Omicron coronavirus variant is set to dent global demand recovery. Brent crude futures fell 0.9 percent, to $73.70. U.S. West Texas Intermediate (WTI) crude futures settled down 0.8 percent, at $70.73. Spot gold fell 0.9 percent to $1,771.66 per ounce. Spot silver fell 1.9 percent to $21.89 an ounce. Platinum lost 1.2 percent to $918.45, while palladium fell 3.3 percent to $1,626.85, after hitting its lowest since March 2020 at $1,579.01.

In European Equity Markets stocks reversed early gains to end lower for a fifth straight session on Tuesday as technology stocks weighed, while the healthcare sector fell despite a 12.6 percent rise in Vifor Pharma. The pan-European STOXX 600 index fell 0.8 percent, hitting session lows after data showed U.S. producer prices came in hotter-than-expected. Vifor extended gains from Monday after agreeing to be bought by Australian biopharma giant CSL for $11.7 billion. Tech stocks lost 2.1 percent, tracking U.S peers, while the healthcare index fell 1.2 percent.

In Bond Markets U.S. Treasury yields rose across the curve on Tuesday, though within the previous day’s range, after data showed producer prices increased more quickly than expected last month and at the highest annual rate since 2010, solidifying expectations of a hawkish statement from the Federal Reserve this week. The yield on 10-year Treasury notes was up 3.8 basis points to 1.462 percent. The yield on the 30-year Treasury bond was up 5 basis points to 1.863 percent. The two-year Treasury yield, which typically moves in step with interest rate expectations, was up 1.6 basis points at 0.661 percent.