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US: The market declined on Tuesday as shares of beleaguered banks tumbled again and as investors awaited the Federal Reserve’s next move on interest rates.

Asia: Asia-Pacific markets largely fell Wednesday as investors look ahead to the U.S Federal Reserve’s policy decision overnight

India: The key benchmark indices witnessed a firm trading session on Tuesday, backed by strong Q4 earnings, as investors await US Fed rate decision on Wednesday

The market is expected to open gap down and likely to witness profit booking during the day.

Global Economy: Australian retail sales grew at their slowest annual pace in 14 months in March in a warning sign for consumption that will only get worse following a surprise hike in interest rates this week. Retail sales rose a modest 0.4% in March from February, when they edged up just 0.2%, data showed on Wednesday. Sales of A$35.31 billion ($23.53 billion) were up 5.4% on a year earlier, but that was down from 6.4% growth in February. The figure, however, was slightly above the median forecasts of a 0.3% monthly rise

Employment openings pulled back further in March, hitting a nearly two-year low in a sign that the ultra-tight U.S. job market is loosening and possibly putting less pressure on inflation. The department’s Job Openings and Labor Turnover Survey showed that job vacancies totaled 9.59 million for the month, down from 9.97 million in February and below the FactSet estimate for 9.64 million. At the same time, layoffs and discharges jumped by 248,000 to just over 1.8 million, taking the rate as a share of the workforce up to 1.2% from 1%.

Commodities: Gold prices moved little in early Asian trade on Wednesday, but were underpinned by increased safe haven demand amid renewed fears of a banking crisis and uncertainty over monetary policy before a Federal Reserve rate decision. Oil prices extended losses on Wednesday, after slumping about 5% to a five-week low in the previous session, as investors braced for more rate hikes this week that could dent energy demand

Currency: The dollar was subdued on Wednesday, weighed by bearish U.S. labour market data as investors fretted over the U.S. debt ceiling and banking sector risks, while waiting for the Federal Reserve's policy decision later in the day.

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