Globally, Oil prices inched higher in early Asian trade on Tuesday, on expectations that OPEC+ may agree to a large cut in crude output when it meets on Wednesday but concerns about the global economy capped gains. Oil prices rallied on Monday on renewed concerns about supply tightness. Asian stocks bounced on Tuesday after Britain scrapped bits of a controversial tax cut plan, tentatively improving global market sentiment and rallying bonds and the pound. British Finance Minister Kwasi Kwarteng released a statement reversing planned tax cuts for top earners. It makes up only 2 billion out of a planned 45 billion pounds of unfunded tax cuts that had sent the gilt market into a tailspin last week. Wall Street's three major indexes rallied to close over 2% on Monday as U.S. Treasury yields tumbled on weaker-than-expected manufacturing data, increasing the appeal of stocks at the start of the year's final quarter. Chinese authorities have rolled out an array of tried-and-true manoeuvres in recent weeks to slow the yuan's slide. Sterling jumped against the dollar on Monday, Sterling was last up 1.4% at $1.1320.The dollar, which is up sharply for the year, weakened also against other major currencies. Gold rose sharply on Monday, retaking the $1,700 an ounce level after nearly three weeks. Prices of the yellow metal rose after weak U.S. manufacturing and construction data suggested that the Federal Reserve may have to temper its pace of rate hikes to prevent further economic destruction. 10-year Treasury yields also backed away from a near 12-year high. Rupee remained under pressure from continuous outflow and negative equity markets.
With Inputs from Reuters
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