Globally, Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening COVID-19 curbs in China.Both benchmarks fell 2% in the previous session.On the supply side, U.S. crude oil stocks were estimated to have risen by 1.8 million barrels in the week to Oct. 7, after having fallen the prior two weeks, a preliminary Reuters poll showed on Tuesday.Asian stocks stayed at two-year lows on Wednesday, after a strengthening U.S. dollar, instability in the U.K. bond market, and forthcoming U.S. inflation data spelled a wild session on Wall Street and further volatility for investors.In Japan, confidence among manufacturers fell for a second straight month, according to a Reuters poll, sending the dollar/yen above 146 for the first time since 1998. The Nikkei share average opened up 0.17%.The S&P 500 and Nasdaq Composite fell 0.65% and 1.10%, though the Dow Jones Industrial Average managed to close up 0.12%. Benchmark 10-year notes dipped to 3.9470%, after opening at 3.9510%.Gold prices moved little on Wednesday as investors avoided big bets ahead of key U.S. inflation data this week, while the minutes of the Federal Reserve’s September meeting were also in focus.Spot gold dropped 0.12% to $1,663.1 an ounce.Rupee remain weak as selling by FII increased and pressure due to rising yield on EM currencies along with geopolitical tension keep mounting.
With Inputs from Reuters.
