In Asian Equity Markets indices rose Tuesday as they seesawed after shares on Wall Street plunged to their biggest day drop in more than three decades overnight, and the Philippines shut its markets temporarily. Stocks in Australia led gains among the region’s major markets. The S&P/ASX 200 was last up 3.58% after falling nearly 10% on Monday. The Shanghai composite was just above the flatline while the Hong Kong’s Hang Seng index advanced 1.05%. In Japan, the Nikkei 225 gained 0.68%.

In Currency Markets the safe-haven Japanese yen ticked down and some risk currencies won a brief reprieve on signs of more economic support from policymakers, though choppy conditions on Tuesday underlined fragile confidence in markets frazzled by days of turbulence. The Australian dollar, seen as sensitive to global growth due to the country’s link to commodities, dipped 0.1% to $0.6113, after having hit an 11-year low of $0.60765 on Monday.

In Commodities Markets oil rose more than $1 on Tuesday as bargain hunters emerged after recent sharp falls due to the coronavirus pandemic and the price war between Saudi Arabia and Russia, but fears of a recession still dragged on the market. Brent crude was up by 1.8%, or 55 cents, to $30.60 a barrel, after hitting a high of $31.25. U.S. West Texas Intermediate (WTI) crude rose 3.7%, or $1.06, to $29.76, having come off a high of $30.21.

In US Equity Markets the S&P 500 fell 9% on Monday, erasing all of its gains from a furious rebound late on Friday that happened seconds after Trump declared a national emergency to combat the rapidly spreading coronavirus. Energy stocks also fell sharply along with oil prices, and the S&P 500 technology index was down more than 9%. The S&P 1500 airlines index fell after United Airlines Holdings Inc booked $1.5 billion less revenue in March and warned employees that planes could be flying nearly empty into the summer.

In Bond Markets U.S. government debt yields fell on Monday after the Federal Reserve announced it would slash interest rates to near zero, but remained above session lows as investors fretted that Treasuries would sell off as they did last week. The benchmark 10-year Treasury yield, which is reflective of investors’ long-term views of the health of the economy, was last down 21.4 basis points at 0.740%. The two-year yield, which reflects interest-rate policy, continued to trade well above zero despite the Fed cut, last down 11.8 basis points at 0.374%.