Wednesday Morning Briefing: Asian Shares Gain; Oil Above $51

Asian shares gained on Wednesday as investors await comments from the latest Federal Reserve meeting for clues on the timing of tighter U.S. monetary policy.

The yen weakened for the first time in four days against the dollar. Markets in India, Hong Kong and Taiwan all open Wednesday following holidays.

Crude held gains above $51 a barrel. Singapore-traded SGX Nifty futures indicate a flat start for Indian equities after the broader Nifty 50 index ended at fresh record highs on Monday.

Fed Minutes, China Meeting

Investors are taking stock ahead of a key U.S. jobs report and minutes from the Federal Reserve's latest meeting on Wednesday.

In another act of defiance, North Korea conducted a ballistic missile test, a day before U.S. President Donald Trump was to host his Chinese counterpart Xi Jinping in Florida.

Political developments in Europe ahead of elections in France and Germany and Britain's exit from the European Union are also likely to weigh on the sentiment.

The S&P 500 rose marginally while the Dow Jones Industrial Average advanced 0.2 percent on Tuesday as gains in industrial stocks were offset by subdued financial shares.

Also Read: Lacker Abruptly Quits Fed Over Role in Leak of Policy Plans

Oil Above $51

Oil prices rose above $51 a barrel after weekly industry data showed a decline in U.S. crude stockpiles.

Supplies dropped by 1.83 million barrels last week, the American Petroleum Institute was said to report. Government data on Wednesday is forecast to show stockpiles fell from a record, Bloomberg reported.

Brent crude for June settlement was up 0.2 percent at $54.29 per barrel on the London-based ICE Futures Europe exchange while West Texas Intermediate for May delivery rose 0.33 percent at $51.20 a barrel on the New York Mercantile Exchange.

Also Read: Crude Rises to Four-Week High as U.S. Supplies Seen Declining

Flat Start?

The SGX Nifty Index was marginally higher at 9,280 as of 06:35 a.m., indicating a flat start to the Indian markets.

Indian shares closed at fresh record highs on Monday, led by gains in index heavyweight Reliance Industries and select capital goods stocks on the back of strong overseas flows.

Shares of Ashok Leyland Ltd. and Hero MotoCorp Ltd. will be in focus today. Automaker Ashok Leyland's sales grew 12 percent to 18,682 units in March while two-wheeler maker Hero MotoCorp's sales rose 0.6 percent in the period.

Also Read: Kerala Government To Approach Supreme Court Against Liquor Sale Ban

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