The global market has seen a mix of events recently, with some showing strength and others indicating tougher times ahead. Microsoft's financial results for the second quarter of 2022 showed some strength in its cloud business, with Azure cloud product revenue rising 31%. However, the company's Personal Computing segment, which includes Windows, devices, and search revenue, declined 19% due to the shrinking PC market. Microsoft also announced that it is cutting over 10,000 jobs and forecasted that revenue in its intelligent cloud business would be just below the average analyst forecast for the third quarter.

EQUITY

Asian stocks reached seven-month highs on Wednesday, while the Australian dollar hit multi-month highs due to surging inflation and the likelihood of higher interest rates. US markets were headed for a weak opening, as the S&P 500 and Nasdaq futures both shed 0.5% and 0.8%, respectively, due to a technical error that is now under investigation that may cause some investors to sell a position, causing a temporary short squeeze. Global stocks have posted strong gains this year, with the MSCI's Asia Index rising 9% after a 20% decline in 2022.

GOLD

Gold prices dipped to a low of $1,925 per ounce on Wednesday, retreating further from a near nine-month peak hit in the previous session. The decline is attributed to a technical correction, profit taking activities, and a steady dollar. Market focus is now on the fourth-quarter US GDP data due on Thursday, which could set the tone for the Federal Reserve's Jan. 31-Feb. 1 policy meeting.

OIL

Oil prices inched higher on Wednesday, opening on the optimism of a demand recovery in China and expectations that major producers will maintain current output policies. On Tuesday, Brent crude dipped 1.78% to $86.43 per barrel, and US West Texas Intermediate (WTI) crude declined 1.68% to $80.22. The loss is caused by a bigger-than-expected build in US oil inventories that was reported after the market settled.

CURRENCY

The dollar edged lower against the euro on Tuesday after data showed euro zone business activity made a surprise return to modest growth in January. Fed fund futures see only two more quarter-point rate hikes by the Fed, to a peak of around 5% by June.