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Economies around the world are focusing at rate-tightening measures to curb spending and to reduce inflation, which is responsible for most fluctuations in the market. Brent crude increased to a two and a half years peak which is above $122 a barrel on Tuesday, experiencing gains for four consecutive days. In the month of May, it also rose $1.16 and settled for $122.22 a barrel after attaining the highest front-month price at $122.89. Moreover, the US crude for the month of May experienced a fall to 13 cents whereby settling for $108.34 off Monday’s $108.78 intraday peak which was the highest since September.
In India, the Deputy Governor of the Reserve Bank, Subir Gokarn, has stated that inflation will not be tolerated as “the new normal“ and the central bank does not intend to be caught off guard as they have increased interest rates 8 times since March 2010 with more rise expected, though inflation topped expectations at 8.31% in February. He further said the expectation of the economy to expand by 8.9% in the year that ended in March, contributed to the high inflation.
Also, in China the shanghai composite gained 0.4%, the hang rose to 0.06%, the Straits Times added 0.01 and the Taiwan Weighted went up to 1.17%, leaving the Jartar with a decline of 0.21%, the KLSE Composite had a 0.17% fall, Nikkei went down by 0.21% and the Seoul shed 0.07%. However, the speculations on the US Fed implementation on interest rate according to reports weighed on investors in the region.