* Japanese rubber futures snapped an eight-day losing streak on Wednesday, as an on-target U.S. inflation data and easing fears over contagion in the banking sector signalled a likely smaller interest rate hike from the Federal Reserve.
* The Osaka Exchange (OSE) rubber contract for August
delivery was up 1.4 yen, or 0.7%, at 216.4 yen ($1.61)
per kg, as of 0200 GMT.
* The rubber contract on the Shanghai futures exchange
(SHFE) for
May delivery was up 110 yuan, or 0.88%, at 12,060 yuan
($1,751.71) per tonne.
* Japan's benchmark Nikkei average opened 0.73%
higher.
* Bruised U.S. bank stocks regained some ground on Tuesday,
as a
sell-off sparked by Silicon Valley Bank's collapse gave way to
bargain-hunting by investors hopeful that efforts to shore up
confidence would avert a wider financial crisis.
* Investors were also relieved after February's inflation
report
on Tuesday showed consumer prices rising by 0.4%, with a
year-on-year gain of 6% - in line with analysts expectations, as
there were worries that stronger than expected data might lead
the Fed to go for jumbo-sized hikes to battle inflation.
* Likewise, oil prices rose in early Asia trade on
Wednesday,
recovering from the previous session's plunge, as a stronger
OPEC outlook on China's demand helped offset bearish global
investor sentiment in the wake of the recent U.S. bank failures.
* The natural rubber market is helped by stronger oil prices
as
manufacturers are incentivised to shift away from synthetic
rubber that is derived from oil, driving natural rubber prices
higher.
* Asian equities rose sharply after U.S. inflation for
February
met expectations and reinforced hopes of a smaller U.S. rate
hike.
* The front-month rubber contract on Singapore Exchange's
SICOM
platform for April delivery opened flat at 133.0 U.S.
cents per kg.
($1 = 134.2800 yen)
($1 = 6.8847 yuan)
(Reporting by Carman Chew; Editing by Sherry Jacob-Phillips)
