In Asian Equity Markets stocks were mostly down on Tuesday morning amid a rise in U.S. Treasury yields. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.1 percent as Hong Kong’s market pared back some of Monday’s gains. Japan’s Nikkei inched up 0.3 percent. South Korea’s KOSPI fell 1.39 percent. In Australia, the ASX 200 was down 0.79 percent. The RBA will hand down its policy decision later in the day, which is widely expected to deliver back-to-back interest rate hikes for the first time in 12 years. China’s Shanghai Composite inched down 0.08 percent while the Shenzhen Component inched down 0.09 percent.

In Currency Markets the dollar was up on Tuesday morning in Asia over expectations that the U.S. Federal Reserve will deliver more interest rate hikes. The U.S. Dollar Index that tracks the greenback against a basket of other currencies edged up 0.16 percent to 102.6. The euro fell 0.09 percent to $1.0686 ahead of the European Central Bank (ECB)’s policy decision on Thursday. Against the Japanese yen, the dollar jumped 0.58 percent to 132.63. The Aussie dollar gained 0.51 percent to $0.7288 ahead of the policy decision from the Reserve Bank of Australia (RBA), which is due later in the day.

In US Equity Markets stocks ended a choppy session slightly higher on Monday, helped by gains in Amazon.com and other mega-cap growth shares, while persistent worries over inflation and interest rates kept a lid on the market. The Dow rose 0.05 percent, to 32,915.78, the S&P 500 gained 0.31 percent, to 4,121.43 and the Nasdaq Composite added 0.4 percent, to 12,061.37. Twitter Inc shares lost 1.5 percent after billionaire Elon Musk said he might walk away from his buyout offer if the social media company fails to provide data on spam and fake accounts.

In Commodities Markets oil prices settled slightly lower after choppy trade on Monday, buoyed by Saudi Arabia raising its July crude prices but amid doubts that a higher output target for OPEC+ oil producers would ease tight supply. Brent crude fell 0.2 percent, to settle at $119.51 a barrel. U.S. WTI crude futures fell 0.3 percent, to settle at $118.50 a barrel after hitting a three-month high of $120.99. Spot gold was down 0.5 percent at $1,841.29 per ounce. Silver rose 0.9 percent to $22.11 per ounce, palladium gained 1.4 percent to $2,003.42 and platinum rose 1.5 percent to $1,029.00.

In European Equity Markets stocks rose on Monday, helped by banks and commodity-linked stocks, as investors kept an eye out for U.S. inflation data and details from a ECB meeting later this week. The pan-European STOXX 600 index rose 0.9 percent, after posting a loss of nearly 1 percent last week on concerns about economic growth amid rising prices and bets of monetary policy tightening by major central banks. Miners climbed 2.5 percent and luxury stocks also rallied as sentiment in the sectors, which derive significant demand from China, was lifted by authorities easing more curbs in Beijing and Shanghai.

In Bond Markets U.S. Treasury yields rose to 3-1/2-week highs on Monday before the United States Treasury will this week issue new supply and with data on Friday expected to show still high inflation. Benchmark 10-year note yields rose eight basis points to 3.038 percent. Two-year yields gained seven basis points to 2.734 percent. Inflation expectations also increased, with breakeven rates on five-year Treasury Inflation-Protected Securities (TIPS), a measure of expected average annual inflation for the next five years, rising to 3.07 percent. They are up from a three-month low of 2.86 percent on May 24.

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