Asian Stock Market: Sentiment turns cautious ahead of FOMC minutes, oil drops below $77.00

Committee minutes for fresh impetus. Investors seem more worried about the cues that will portray policy projections for CY2023. Also, expectations of delayed recovery in China despite the sheer pace of reopening of the economy have triggered aAt the press time, Japan’s Nikkei225 plunged 1.30%, ChinaA50 added 0.3%, Hang Seng soared 2.40% while Nifty50 remained flat.

Japanese stocks are facing immense heat on Wednesday after a stretched weekend. Nikkei225 is sensing immense selling pressure despite the Bank of Japan Governor Haruhiko having promised more policy easing to accelerate wage growth and inflation to meet the inflation targets raised recently by the central bank.have attempted a recovery, however, the sentiment is still risk-averse. Chinese administration has executed reopening measures at a sheer pace while the plan has resulted in a spike in the number of Covid-19 cases. As the economy is set on the track of reopening, it is highly likely that firmer demand from corporate would accelerate inflation.

On the oil front, oil prices have surrendered the immediate support of $77.00. Investors dumped the blackon Tuesday as investors see more interest rate hikes by the Federal Reserve to tame the stubborn inflation. Investors are keenly waiting for the release of FOMC minutes, which will provide sufficient information on the policy outlook.

Negative commentary on economic projections by the International Monetary Fund has also triggered the risk of recession, which is a negative trigger for the oil demand. Managing Director Kristalina Georgieva of the IMF cited on the CBS Sunday morning

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