Japanese stocks gained as the weakness in the yen lent support to exporters.
U.S. stocks posted the longest losing streak in more than a month on Wednesday, while the dollar strengthened after a measure of U.S. private-sector job growth exceeded expectations. Crude tumbled on record U.S. stockpiles. SGX Nifty futures indicate further weakness for Indian equities.
U.S. Private Employment Cheer
Data from the ADP Research Institute showed private payrolls climbed by 298,000 in February, outstripping the 187,000 median projection of analysts surveyed by Bloomberg.
The strong private sector performance triggered forecast revisions for February non-farm payrolls, due on Friday. The median estimate of Bloomberg's poll of economists increased to 200,000 from 190,000 earlier.
Mirroring the optimism, the Bloomberg Dollar Spot Index strengthened 0.4 percent, extending two days of gains as the market priced in a faster pace of Federal Reserve rate increases, following the one already expected next week. The odds of the hike in Fed's March 14-15 meeting has risen to 100 percent, according to futures rates tracked by Bloomberg.
The S&P 500 Index fell for the third straight session, its longest slump since January, while the Dow Jones Industrial Average declined 0.33 percent to 20,855.59.
Also Read: ADP Says Companies in U.S. Hired the Most in Almost Three Years
Oil Tumbles
Oil held losses near $50 a barrel as a record U.S. stockpiles overshadowed production cuts by the Organisation of Petroleum Exporting Countries and other nations.
Stockpiles gained 8.2 million barrels to 528.4 million, the highest weekly increase according to Energy Information Administration data going back to 1982.
West Texas Intermediate for April delivery recovered 27 cents to $50.52 on the New York Mercantile Exchange, after slumping 5.3 percent on Wednesday.
Weak Start?
The SGX Nifty futures fell 0.33 percent to 8,924 as of 7:10 a.m., after the benchmark index closed 0.24 percent lower on Wednesday.
Shares of Dr. Reddy's Laboratories Ltd. will be in focus today after the drug maker received 13 observations from the U.S. Food and Drug Administration for its Duvvada facility.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
