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Markets edged higher  as they eye Federal Reserve policy decision and any clues it might give on future rate hikes, shifting focus away from the historic US-North Korea summit in Singapore.

With the Federal Reserve virtually guaranteed to raise interest rates this week, investors are focused on how the US central bank characterises its monetary policy as borrowing costs return to more normal levels amid an ongoing economic expansion.

Most analysts expect the US central bank to hike rates at least twice this year – in June and in September, and follow it up with a couple of more hikes in calendar year 2019 (CY19).

Back home, Investors may react to the IIP and CPI data, announced post market hours on Tuesday. India’s annual retail inflation accelerated to a four-month high in May, driven by higher fuel prices and a depreciating rupee, strengthening views that the central bank could raise interest rates again in August. The inflation accelerated in May to 4.87 per cent, government data showed.

Meanwhile, India’s industrial output grew 4.9 per cent in April from a year earlier, driven by a pick up in manufacturing, government data showed on Tuesday.

Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.15 per cent in early trade, giving up the slim gains they made following Tuesday’s meeting between US President Donald Trump and North Korean leader Kim Jong Un.

Japan's Nikkei eked out gains of 0.10 per cent.

Last modified on Wednesday, 13 June 2018

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