* Japanese rubber futures fell on Wednesday, weighed down by
a
weaker domestic stock market as prospects of more aggressive
U.S. rate hikes reduced risk appetite, while a softer yen and
stabilising oil prices lent some support to the market.
* The Osaka Exchange (OSE) rubber contract for August
delivery was down 0.8 yen, or 0.4%, at 224.2 yen
($1.63) per kg, as of 0205 GMT.
* The rubber contract on the Shanghai futures exchange
(SHFE) for
May delivery was down 45 yuan, or 0.4%, at 12,390 yuan
($1,777.26) per tonne.
* Japan's benchmark Nikkei share average opened down
0.25%.
* The Japanese yen fell 0.1% against the dollar to
137.24,
as of 0206 GMT, hitting its lowest since mid-December.
* A weaker yen makes yen-denominated assets more affordable
when
purchased in other currencies.
* Oil prices steadied in early Asian trade as industry data
showed
a draw in U.S. crude oil inventories, after the market tumbled
in the previous session on fears more aggressive U.S. interest
rate hikes would hit demand.
* The natural rubber market is hindered by weaker oil
prices, as
manufacturers are disincentivised from shifting away from
synthetic rubber that is derived from oil, driving natural
rubber prices down.
* Asian shares plunged, while the dollar advanced after
hawkish
comments from Federal Reserve Chair Jerome Powell raised the
possibility of the central bank returning to large interest rate
hikes to tackle sticky inflation.
* The front-month rubber contract on Singapore Exchange's
SICOM
platform for April delivery last traded at 137.2 U.S.
cents per kg, down 1.4%.
($1 = 137.3100 yen)
($1 = 6.9714 yuan)
(Reporting by Carman Chew; Editing by Subhranshu Sahu)
SINGAPORE, March 8 (Reuters) -
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