War, weak GDP: Markets fall over 1%

The rupee, meanwhile, depreciated by 47 paise to close to 75.80 against the US currency as markets remained weak amid deepening geopolitical tensions and rising crude prices.

As per a Reuters report, OPEC+ producers agreed on Wednesday to stick to a modest output rise plans in April. As of 1807 GMT, Brent crude rose 5.3 per cent to $110.58, while US WTI was up 4.9 per cent at $108.46.

The Dow Jones Industrial Average rose 1.81 per cent, S&P 500 1.77 per cent, and Nasdaq Composite by 1.21 per cent. The rouble fell 4.7 per cent to 106.02 against the dollar in Moscow trade, earlier hitting 110.0, a record low.

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Powell for 25-bp rate hike

Washington: US Federal Reserve Chair Jerome Powell said Wednesday he was “inclined to propose and support a 25-basis-point rate hike” at the central bank’s policy meeting this month, but would be “prepared to move more aggressively” if inflation does not abate as fast as expected.

In remarks framed by the war in Ukraine, Powell told the US House of Representatives Financial Services Committee that the economic outlook had become “highly uncertain,” and that the Fed wanted to “proceed carefully” as it shifts monetary policy in an already complicated situation.

“We will proceed carefully as we learn more about the implications of the Ukraine war on the economy,” Powell said, adding,  “The near-term effects on the US economy of the invasion of Ukraine, the ongoing war, the sanctions, and of events to come, remain highly uncertain.”