Indian shares extended losses on Wednesday after strong economic data from the U.S. kept investors worried that central banks, including the U.S. Fed, would have to keep raising interest rates to tackle inflation.
Both the Fed and the Reserve Bank of India were due to release minutes of their latest policy meetings, giving investors a glimpse of their thinking on future rate-hike trajectories.
"The probability of impending rate hikes by the U.S. Fed has risen from two to three, in the light of new data," said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.Global markets fell after an unexpectedly strong reading of S&P Global's composite purchasing managers' index showed that the U.S. economy was not cooling.
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