European indices were sharply lower, heading for their worst weekly performance in three years.
European equities are also tracking for updates on plan to reform Germany's state borrowing limits - called 'debt brake' - which would free up funds for investment in the economy.
Wall Street opened sharply higher, with the S&P 500 and tech-heavy Nasdaq above two percent.
The index suffered a turbulent year in 2020 that saw national carrier Lufthansa drop out of the top tier under pressure from the coronavirus pandemic and the collapse of payments company Wirecard after revelations of large-scale fraud.
SGX Nifty was up 0.50 percent at 7:30 am, whereas all other Asian markets were in red. Shanghai composite was down 3 points while the Hang Seng was trading 0.21 percent lower than its previous close.
The USD steadied on Wednesday after its worst day in more than a year, and a retreat in oil prices after four days of gains halted a rally in European stock markets.
In an interview with CNBC-TV18, Anil Manghnani of Modern Shares & Stock Brokers talks about his reading of the market.