- Stocks in Asia remained stable, while US futures gained and bond rates continued to rise amid a discussion about how aggressive monetary tightening will be required to combat inflation.
- Hong Kong and China were pulled in by a fall in Chinese technology stocks after the country's US-listed shares registered their first monthly gain since October. S&P 500 and Nasdaq 100 contracts gained, indicating that US markets may hold firm after benchmarks dipped tuesday.
- Treasuries continued to fall, bringing 10-yr yields closer to 2.9% as traders increased their bets on Fed rate hikes. Swaps show that traders have almost fully priced in two half-point rate hikes in June and July, with the third hike in September seeming likely. In May, euro-zone consumer prices increased by 8.1% YoY, further alarming investors.
- Oil prices soared to $115 a barrel as investors weighed the prospects of OPEC+ unity, just as ministers from the organisation set to meet on Thursday to discuss its July supply policy. Crude prices have risen after a 10% gain in May, fueling inflation fears.