- Asian equities increased following a surge in the US caused by strong profits and economic data, and shorter duration treasury yields were boosted by betting on future Fed interest rate hikes.
- Gains in Chinese tech companies helped a global share indicator reach its highest point since early June. As traders considered how far the recovery in stocks from bear-market lows can go, US futures varied.
- Investors reacted favourably to news of earnings and stock buybacks from Moderna and PayPal as well as unexpected growth in the US services sector. Nearly 75% of US companies have so far outperformed profit forecasts. After House Rep. Speaker Pelosi, left Taiwan concerns over US-China relations subsided.
- Fed officials reiterated that they will take the necessary steps to reduce rising inflation by raising interest rates, even if doing so increases the likelihood of a recession. The rhetoric was mirrored in the bond market, with rising shorter-tenor yields contributing to a critical yield curve inversion.
- A US inventory report showed hints of decreasing demand, which caused the dollar to fluctuate and oil to plummet. Bitcoin regained $23,000 while gold advanced.