SYDNEY, Australia -- Asian shares are set to open higher Wednesday, with a drop in oil prices seen boosting cost-sensitive transport and consumer stocks, while a rise in the US dollar might lift exporters such as Honda Motor Co.
The dollar rallied on Tuesday, boosted by a steep drop in oil prices and comments from a Federal Reserve official suggesting US interest rates might have to rise even before financial markets recover.
Oil prices fell by over $3.00 a barrel to a six-week low on Tuesday amid concerns over sliding US energy demand and expectations a hurricane pushing through the Gulf of Mexico would spare most offshore oil production.
The fall in oil, however, may weigh on resource firms such as Japan's Inpex Holdings Inc. and Australia's Woodside Petroleum Ltd.
Asian stocks listed on Wall Street rose 1.4 percent overnight, while the MSCI's measure of Asia Pacific stocks excluding Japan dipped 0.15 percent on Tuesday.
