The Uttar Pradesh government on Tuesday approved an interim hike of around 21% in minimum wages for workers in Gautam Buddh Nagar and Ghaziabad, following large-scale protests by thousands of factory workers in Noida. The fresh minimum wage structure introduced across worker categories, will be taking effect retrospectively from April 1. The agitation, which had been intensifying over several days, saw an estimated 40,000 to 45,000 workers assemble at nearly 80 to 83 locations across the Gautam Buddh Nagar commissionerate, including key industrial hubs such as Sector 62, Phase-2, Sector 63, Sector 60, Sector 84 and parts of Greater Noida. The revised wages were finalised by the high-powered committee and received approval late on Monday night. Gautam Buddh Nagar District Magistrate Medha Roopam said, “The wage increase has been done by the high-powered committee… The decision was approved by CM UP late last night.”

Breakdown: Who gets what

Gautam Buddh Nagar and GhaziabadThese regions have seen the sharpest revision:

Other municipal corporation areas

In other districts

Additionally, Uttar Pradesh CM Yogi Adityanath has urged employers to ensure timely wage payments, provide appropriate overtime compensation, and guarantee weekly offs, bonuses and social security benefits, while also maintaining safe working conditions, especially for female workersThe wage revision comes after widespread protests by factory workers in Noida on Monday, where thousands raised demands for better pay and working conditions. Clashes broke out in parts of the district during the demonstrations, after which the government set up a committee to step in and facilitate discussions between workers and employers.The government said that it had assessed all feedback and objections before finalising the revision, aiming for the “balanced and practical” outcome.As per the official statement, the committee is working to resolve the issue through dialogue and coordination while considering measures to address industries dealing with global headwinds, including rising input costs and falling exports, even as workers’ demands on wages, overtime, safety and working conditions remain “relevant and important.”It further added that an interim wage revision linked to indexation is under consideration, and that the process for final wage determination will be taken up based on recommendations of a wage board to be formed soon.At the same time, the government rejected as “fake and misleading” social media claims suggesting a uniform minimum wage of Rs 20,000 per month, clarifying that no such order has been issued and that work on fixing a national “floor wage” is still underway at the central level.

Oil prices fell sharply on Tuesday despite heightened tensions in the Middle East, as markets bet on a possible diplomatic breakthrough between the United States and Iran even after Washington moved to block Iranian ports.

Brent crude dropped 2.7% to $96.66 a barrel, while US crude slid 3% to $96.13, with traders weighing signs that talks could still resume following the collapse of weekend negotiations.

Sources told Reuters that both sides have kept the door open to dialogue, while a US official pointed to forward movement towards a potential agreement.

The United States has continued to engage Tehran even as its military enforced a blockade of Iranian ports, a move aimed at increasing pressure after talks failed to deliver a deal.

US President Donald Trump said on Monday that Iran had “called this morning” and “they’d like to work a deal”, although the claim could not be independently verified.

“The failed weekend talks did not produce a deal, but they also did not close the door on diplomacy, and that is enough for equities to keep pushing higher for now,” said Charu Chanana, chief investment strategist at Saxo.

Reflecting that optimism, Asian equities advanced in early trade. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1%, while Japan’s Nikkei and South Korea’s Kospi each gained more than 2%.

Futures also pointed to a steady global outlook, with Nasdaq futures up 0.13%, S&P 500 futures flat, EUROSTOXX 50 futures rising 0.63%, and DAX futures adding 0.77%, following an overnight rally on Wall Street.

The US dollar, often seen as a safe haven, weakened alongside oil as investors shifted towards riskier assets.

“Markets are trading hope, not resolution,” said Chanana.

Analysts said Washington’s blockade strategy could shift pressure onto Tehran without immediate escalation on the ground.

“The US has actually played that trump card… it’s now forced the Iranians back to the drawing board,” said Tony Sycamore, a market analyst at IG.

Dollar on backfoot

The dollar fell to a 1-1/2-month low of 98.328 against a basket of currencies on Tuesday, as buoyant risk sentiment dampened demand for the world’s reserve currency.

That left the euro trading 0.05% higher at $1.1764 while sterling GBP= rose to a more than six-week peak of $1.3514.

“The US and Iran have started to walk down the path of coming up to an agreement,” said Joseph Capurso, a strategist at Commonwealth Bank of Australia.

However, “the markets are still facing a global economic outlook that is deteriorating, and I think the risks are high that you get equity markets and credit markets and the like fall again, and that would push up the US dollar against probably all currencies.”

US Treasury yields were little changed, with the two-year yield last at 3.7722% while the benchmark 10-year yield stood at 4.2854%.

The inflationary pulse from the steep rise in energy prices has prompted investors to prepare for the possibility that a number of major central banks will lean towards raising rates, marking a sharp reversal from expectations before the war for rate cuts or a prolonged pause.

Elsewhere, spot gold was up 0.7% at $4,771.81 an ounce.