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The S&P 500 gained 0.8 percent, rising for a second straight day while the 30-stock Dow Jones Industrial Average and the tech-heavy Nasdaq Composite rose 0.9 percent in the overnight session.
Japan's Nikkei was up 0.9 percent, the Shanghai index rose 0.6 percent and Hong Kong's Hang Seng index was trading 1.6 percent higher at 7:46 am.
Indian equity benchmarks suffered sharp losses on Tuesday dragged by financial, IT and FMCG shares, as investors awaited the outcome of a key RBI meeting the next day. Both headline indices dropped around one percent. The Sensex lost 568 points to end at 55,107.3 and the Nifty50 settled at 16,416.4, down 153.2 points from its previous close.
At 8:20 am, the SGX Nifty was trading 79 points or 0.5 percent higher at 16,500, indicating a strong opening for the Indian markets.
The Reserve Bank of India (RBI) is likely to increase key rates, focusing more on inflation than on growth, according to several economists. Further tightening measures will be rolled out, they said. To firm up the next monetary policy announcement, the RBI’s rate-setting panel started its three-day deliberations on Monday and the policy decision will be out today.
Oil prices edged up on Wednesday ahead of data on US oil inventories, with crude futures supported by tight supplies and recovering fuel demand as China's top cities relax COVID-19 curbs. Brent crude futures for August rose 22 cents, or 0.2 percent, to $120.79 a barrel by 5:42 am. (Image: Reuters)
The rupee ended 8 paise lower at 77.71 per dollar in the previous session on June 8. Analysts expect the rupee to test the 78 mark in the coming days
Gold witnessed volatility in the previous session but settled on a positive note amid inflation concerns which boosted safe-haven demands for the precious metal. Gold August futures contract settled at $1852.10 per troy ounce with a gain of 0.46 percent.
Foreign institutional investors (FII) net sold Indian shares worth ₹1,943.10 crore on Tuesday, according to provisional exchange data. However, domestic institutional investors (DIIs) made net purchases worth ₹2,727.47 crore.