In Asian Equity Markets stocks suffered heavy losses early on Tuesday following a broad sell-off on Wall Street, as markets fretted about the impact of multi-year high oil prices at a time when supply chain disruptions are already putting pressure on economic activity. MSCI’s broadest index of Asia-Pacific shares outside Japan fell as much as 1.3 percent, falling for a third consecutive session. Japan stocks were down 2.8 percent, South Korea gave up 2.5 percent and Australia shed 1 percent. The decline in markets took MSCI’s main benchmark to 619.87, the lowest since November 2020.

In Currency Markets the U.S. dollar edged back toward a one-year high versus major peers on Tuesday ahead of a key payrolls report at the end of the week that could boost the case for the Federal Reserve to start tapering stimulus as soon as next month. The U.S. dollar index, which measures the currency against six rivals, rose 0.16 percent to 93.987. The dollar gained 0.25 percent to 111.19 yen, while the euro slid 0.21 percent to $1.15965. Sterling fell 0.12 percent to $1.35875. The Aussie lost 0.34 percent to $0.7263, while the New Zealand dollar declined 0.34 percent to $0.6939.

In US Equity Markets stocks ended sharply lower on Monday as investors dumped Big Tech and other growth stocks in the face of rising Treasury yields, while concerns about a potential U.S. government debt default offered another reason for caution. The Dow was down 1.15 percent at 33,930.31 points, while the S&P 500 lost 1.56 percent to 4,289.13. The Nasdaq Composite lost 2.33 percent to 14,227.48. Energy stocks rose about 2 percent and utilities added 0.9 percent. Tesla Inc rose 1.5 percent after the electric vehicle maker reported record quarterly deliveries that beat estimates.

In Commodities Markets oil prices reached three-year peak on Monday after OPEC+ confirmed it would stick to its current output policy as demand for petroleum products rebounds, despite pressure from some countries for a bigger boost to production. Brent crude futures settled up $1.98 at $81.26 a barrel, while U.S. crude rose $1.74 to settle at $77.62 a barrel. Spot gold was up 0.3 percent at $1,764.92 per ounce. Silver rose 0.2 percent to $22.56 per ounce, platinum was down 1 percent at $962.00, and palladium lost 1.2 percent to $1,895.22.

In European Equity Markets stocks struggled on Monday after their worst weekly showing since February, hit by a growing number of risks including signs of inflation, elevated bond yields and developer China Evergrande’s financial troubles. The pan-European STOXX 600 index fell for a third straight session, down 0.5 percent, holding near 11-week lows hit in last week’s selloff. French luxury goods makers Kering and LVMH, which draw a major portion of their revenue from China, fell 1.3 percent and 1.4 percent, respectively.

In Bond Markets U.S. Treasury yields rose on Monday, spiking sharply on the shortest end of the yield curve as Washington wrangled over the debt ceiling. The benchmark 10-year yield, which last week rose to its highest level since June at 1.567 percent, was last up 1.7 basis points at 1.4841 percent. The five-year note yield, which is more sensitive to intermediate interest rate hikes, was last up 1.4 basis points at 0.9474 percent. The yield on one-month Treasury bills shot up to 0.1450 percent, the highest since October 2020. It was last at 0.1217 percent.

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