Asian markets trade marginally higher

Asian markets ignored weak cues from the US and were trading in the green on Wednesday morning as oil solidified its rebound, spurring gains in Asian energy shares. This is after Kuwait indicated producers could still reach an agreement on arresting output even if Iran doesn’t join in. Japan’s Nikkei Stock Average, Hong Kong’s Hang Seng and China’s Shanghai Composite were trading marginally higher.

US markets end lower for second day

Overnight, Wall Street indices closed lower for the second day as fears about global economic health dogged the market and fuelled selling in traditionally riskier asset earnings. The S&P 500 declined 1%, the Dow Jones Industrial Average dropped 0.8% and the Nasdaq Composite was down 1%.

A number of US investment banks cut their estimates for March quarter’s economic growth after data showed the trade deficit widened more than expected in February, and to the most since August.

RBI cuts rates by 25 basis points, gives liquidity boost

The Reserve Bank of India cut rates by 25 basis points on Tuesday, taking the total rate cut to 1.5 percentage points since January 2015. The new policy rate is at its lowest level in five years. Other measures such as reducing the cash proportion of banks’ reserve requirements that must be kept with RBI could facilitate transmission of previous cuts by as much as 75 bps, read more.

RBI may offer other differentiated bank licenses

The RBI may license more niche banks and put new lending systems in place as it seeks to widen sources of funding in the economy. The central bank will explore the possibilities of licensing custodian banks and banks concentrating on whole-sale and long-term financing, read more.

Reliance Jio to stump market with low data tariff

RIL Ltd shares will be in focus as its telecom arm, Reliance Jio Infocomm, could well stun the market by offering 0.5 paisa per 10 kb of data usage, which is substantially lower than the 4 paise per 10 Kb data being charged by large telecom companies like Bharti Airtel, Vodafone India, Idea Cellular, reports Economic Times.

UK business minister to meet Cyrus Mistry about Tata Steel

Tata Steel Ltd shares will be in limelight as UK business minister Sajid Javid is travelling to Mumbai to meet Tata Group Chairman Cyrus Mistry on Wednesday to stave off the possible loss of thousands of jobs at Britain’s largest steelmaker that could result from a sale or shutdown. According to the Guardian newspaper, Javid has hinted at financial support that the UK government may be willing to provide to secure a sale of Tata Steel’s UK assets.

Future Group to buy FabFurnish.com

Kishore Biyani-led Future Group is buying online furniture store FabFurnish.com, its first acquisition of an Internet store. Future Group may pay between 15 crore and 20 crore in cash to buy the Rocket Internet-backed start-up, read more.

Iceland PM resigns follow Panama leaks

Lastly, the Panama secrecy leak claimed its first scalp after Icelandic Prime Minister Sigmundur Gunnlaugsson resigned, following revelations about his personal finances, read more.

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