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Indices from Asia and the Pacific are mostly recording positive trading session. The Korean KOSPI gains 0.50%, the Australian S&P/ASX 200 is trading 0.10% higher, and Chinese indices are gaining between 0.15-0.30%. The only losing index is the Japanese Nikkei, which is down 0.25%.
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Futures contracts for European indices indicate a lower opening for the cash session in Europe.
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In the forex market, no major changes are observed in the first part of the day, with most forex rates fluctuating within +-0.10%. The Australian dollar (AUD) and New Zealand dollar (NZD) stand out as the most gaining currencies.
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In Japan, annual wage negotiations between trade unions and companies have begun. Initial reports from the country indicate record wage increases, which may encourage the Bank of Japan to make a historic policy change.
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The latest data indicates that wage increases are even reaching above 10.0%, with several examples including Zensho Holdings (average wage increase of +12.2%), Yoshinoya Holdings (+8.91%), Mos Food Services (+8%), J. Front Retailing (+6.1%), and Suzuki Motor (+10%).
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Toyota, Panasonic, Nippon Steel, and Nissan are among the biggest companies that have agreed to fully meet the demands of trade unions for wage increases on Wednesday. Toyota Motor agreed on Wednesday to give factory workers the biggest wage increase in 25 years.
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Pierre Wunsch, a member of the Governing Council, said that the European Central Bank will soon have to risk cutting interest rates, even though wage inflation and the rise in service prices are uncomfortably high.
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President Vladimir Putin, speaking days before the 15-17 March elections, warned the West on Wednesday that Russia was technically ready for nuclear war and that the US sending troops to Ukraine would be considered a significant escalation of the war.
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Dynamic growth in the cryptocurrency market continues. Bitcoin gains 1.15% in the first part of the day to a level of 72,300 USD, and short corrections are quickly used by investors to buy BTC at a lower price.
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Such a situation was observed yesterday when Bitcoin briefly fell from the levels of 73,000 USD to around 68,000 USD.
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