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Early Wednesday morning in Asia, news crossed wires that the US state California announced statewide emergency due to the weather-backed fires.

With the surge in temperature causing wildfires and challenging the state already hit by the coronavirus (COVID-19) resurgence, the government assured the use of every available resource.

Market implications

The news failed to offer any major market moves as S&P 500 Futures remain mostly sluggish around 3,387 after Wall Street benchmark flashed intraday high of 3,387.59 the previous day. Market players await further details to cut short the earlier optimism.