Treasury rates surged and US index futures pointed to a further selloff in technology stocks, as traders trimmed expectations on a more dovish Federal Reserve after Jerome Powell's re-nomination.

After a late-day selloff in technology companies on Monday, futures on the Nasdaq 100 index sank 0.3%. On Tuesday, the sector was Europe's weakest performance, dropping the region's benchmark to a three-week low. Turkey's currency crisis worsened, with the lira falling below 12 per dollar. Oil prices dropped as countries from the United States to India sought to tap their strategic supplies.

Following Powell's confirmation for a second term, investors are lowering their expectations for the Fed to take a more dovish posture. The chair himself attempted to find a compromise in his policy stance, stating that the central bank will utilise all of its capabilities to help the economy while also preventing inflation from becoming entrenched.

-  White House: Biden will make available up to 50 million BBL's of oil from the US strategic petroleum reserve.
- BoE's Haskel: Before interest rates are raised, we need to see clear evidence of both an increase in the size of the economy and an increase in the strength of the labour market.
- ECB's Knot: After 2022, ECB rates will likely have a lift-off.
- Money Markets: Full anticipating a 10 BPS ECB rate hike in December 2022 IRPR, as opposed to the roughly 50% chance forecast from Monday.
- ECB's Schnabel: It's possible that inflation may fall below 2% in the medium term.
- ECB's Schnabel: Inflation risks are skewed to the upside.