Singapore — Stocks steadied in Asia on Wednesday as Shanghai emerged blinking from two months of lockdown and a dip in oil prices dangled the prospect of a respite from rising energy prices, but nerves about inflation kept investors and bond markets on edge.
The US Federal Reserve begins shrinking assets holdings built up during the pandemic on Wednesday and traders expect it will raise rates by 50 bps at meetings this month and next. The Bank of Canada is expected to raise its benchmark target rate 50 bps to 1.5% when it meets later in the day. “Compared to a couple of weeks ago, it is a clear positive for sentiment,” said Westpac analyst Sean Callow, adding, however, that inflation was among other “clear negatives”.Currency markets were in a cautious mood and the dollar’s three-week decline has paused. It stood at a two-week high of 128.18 yen on Wednesday and rose 0.2% to $1.0709 per euro. The Aussie hovered at $0.7172.
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