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US: The S&P 500 ended lower on Tuesday as the index was unable to bounce from a sharp sell-off in the prior session with a key policy statement from the Federal Reserve on deck that will reveal how aggressive the central bank's policy path will be.

Asia: Asian markets were in a pensive mood on Wednesday as shell-shocked investors waited to see just how aggressive the Federal Reserve would be on rates, with many fearing drastic action would risk tipping the world into recession.

India:Indian equities ended lower for a third straight day on Tuesday as investors anticipated aggressive rate hikes by central banks, including the US Federal Reserve, to tame multiyear high inflation.

Market is expected to open on a flattish note and likely to witness volatile move during the day.

Global Economy: U.S. producer prices increased solidly in May as the cost of gasoline surged, another sign of stubbornly high inflation that could force the Federal Reserve to raise interest rates as much as 75 basis points on Wednesday. Consumer prices accelerated in May, culminating in the largest year-onyear increase since 1981. Globally, inflation has surged since Russia invaded Ukraine in February, and the war has boosted oil and grain prices.

China's industrial output rose 0.7% in May from a year earlier, picking up from a 2.9% decline in April. Retail sales in May shrank 6.7% despite the government relaxing COVID curbs in some cities. Fixed asset investment rose 6.2% in the first five months from a year earlier, compared with a growth of 6.8% in January-April.

Commodities:Oil prices dropped on Wednesday on worries over fuel demand ahead of a U.S. Federal Reserve meeting which is expected to see the central bank to hike rates by at least 75 basis points to combat inflation.

Gold prices inched up from a near one-month low on Wednesday, as investors awaited a potentially aggressive and key interest rate hike announcement from the U.S. Federal Reserve as it seeks to combat inflation amid mounting fears of an impending recession.

Currency: The dollar held near its overnight 20-year peak on Wednesday ahead of the outcome of the Federal Reserve policy meeting at which markets are pricing in an outsized 75 basis point interest rate hike as policymakers try to rein in rampant inflation.

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