European shares closer higher on Wednesday, breaking a three-day losing streak on euphoria over a multi-billion dollar German chemical deal but gave up some gains after Wall Street opened sharply lower on recession worries. The pan-European STOXX 600 index closed 0.24% higher. The DAX is up 0.71% while France's CAC 40 is up 0.61% and London's FTSE 100 is up 0.38%.
Major U.S. stock indexes fell sharply, then whipsawed through a volatile session before clawing back much of their losses by the close. The Dow Jones Industrial Average swung 633 points at its widest span Wednesday and closed down just 22.45 points, or 0.09% to 26,007.07, after sinking 2.3% or 589 points, at the session low. The S&P 500 index finished 2.21 points, or 0.08%, higher at 2,883.98, after skidding nearly 2%, while the Nasdaq Composite Index gained 29.56 points, or 0.38% to 7,862.83, reversing an intraday 130-point slide in the technology-heavy index.
A rout in oil prices deepened Wednesday after government data showed an unexpected increase in stockpiles, triggering fresh worries that demand for fuel is weakening alongside the U.S. economy. U.S. crude futures fell $2.54 or 4.7% to $51.09 a barrel on the New York Mercantile Exchange—their lowest close since mid-January. Brent crude futures settled down $2.71, or 4.6%, at $56.23 a barrel, the lowest close since early January. Prices have lost 24.5% since their 2019 peak in April.
Asian shares are trying to rally on today after Beijing limited the fall in its yuan and provided temporary relief from fears of a global currency war, though worries about recession still lurked in the background. The markets are higher now as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.55% while the Hang Seng is up 0.39%. The Nikkei 225 is up 0.59%. The Kospi is up 0.90%. The ASX 200 is in green 0.08%.
SGX Nifty Futures in Singapore Exchange is trading almost flat at 10,857.00 points with a loss of 8.00 points or 0.07%
Our Markets are likely to open flat to negative today tracking the Global cues. Further, trends on SGX Nifty also indicate a flat to negative open of the indexes.