In Asian Equity Markets stocks rose on Wednesday tracking overnight gains on Wall Street, with traders now awaiting more cues on U.S. monetary policy from a Federal Reserve meeting later in the day. China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes lagged their peers for the day as a private survey showed that the country’s manufacturing sector contracted in January. Technology-heavy bourses also bounced back from sharp losses this week, with the Hang Seng, KOSPI, and Taiwan Weighted indexes rising between 0.5 percent and 1 percent. Japan’s Nikkei 225 rose 0.1 percent.

In Currency Markets the dollar was broadly flat against major currencies on Wednesday ahead of an eagerly-awaited Federal Reserve policy decision that investors hope will signal the end of the U.S. central bank’s interest rate hiking cycle. The dollar index fell 0.029 percent at 102.06. The euro up 0.04 percent to $1.0866, while sterling was last trading at $1.2314, down 0.05 percent on the day. The yen weakened 0.10 percent to 130.25 per dollar. The Australian dollar rose 0.18 percent to $0.707, while the kiwi fell 0.05 percent to $0.644.

In US Equity Markets stock indexes closed over 1 percent higher on Tuesday as labor cost data encouraged investors about the Federal Reserve’s aggressive approach to taming inflation a day ahead of the central bank’s critical policy decision. The Dow rose 1.09 percent, to 34,086.04, the S&P 500 gained 1.46 percent, to 4,076.6 and the Nasdaq Composite added 1.67 percent, to 11,584.55. United Parcel Service shares climbed 4.7 percent after its quarterly profit topped estimates, while General Motors Co shares jumped 8.3 percent after it forecast stronger-than-expected earnings for 2023.

In Commodities Markets oil prices closed steady on Tuesday after recovering from a near three-week low, drawing support from a weakening dollar and on data showing that demand for U.S. crude and petroleum products rose in November. The more active second-month Brent contract settled at $85.46 a barrel, up 1 percent, while the U.S. WTI crude futures settled at $78.87 a barrel, up 1.3 percent. Spot gold was up 0.3 percent to $1,928.81 per ounce. Spot silver rose 0.6 percent to $23.72 per ounce while platinum gained 0.3 percent to $1,012.25. Palladium rose 0.5 percent to $1,647.18.

In European Equity Markets stocks fell on Tuesday as investors geared up for a fresh round of interest rate hikes from top central banks, but the index still recorded its biggest January percentage gain since 2015. The pan-European STOXX 600 closed down 0.2 percent. UniCredit jumped 12.3 percent to touch a near five-year high after pledging to return 5.25 billion euros ($5.69 billion) from its 2022 earnings after posting a record quarterly profit. Rate-sensitive real estate stocks and miners fell over 1 percent each. UBS, the world’s largest wealth manager, fell 2.1 percent after predicting an “uncertain” year ahead.

In Bond Markets U.S. Treasury yields inched down from nearly 3-week highs on Tuesday following economic data that showed slowing wage growth and a cooling housing market. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down 3.5 basis points at 4.226 percent. The yield on 10-year Treasury notes was down 1.5 basis points to 3.536 percent. Yields had been down as much as 5.3 basis points earlier in the session. The yield on the 30-year Treasury bond was up 1.2 basis points to 3.672 percent.