- Asian stocks and European equity futures fell on fears that rising commodity prices will fuel inflation and stifle economic growth.
- An Asian equity index fell for the third session in a row, European contracts fell more than 1%, and US futures fell. The S&P 500 fell 3% on Monday, its biggest drop since 2020.
- Oil surpassed $121 per barrel, bolstered by concerns about commodity flow disruptions caused by the Ukraine conflict and Russian sanctions. For similar reasons, the prices of everything from natural gas to wheat have reached all-time highs.
- The nickel price continued its record-breaking rally. The London Metal Exchange has given a unit of China Construction Bank Corp. more time to pay hundreds of millions of dollars in margin calls as a result of the spike.
- Commodity prices are helping to drive bond-market-derived inflation expectations to new highs in the United States and Europe. Australia's and New Zealand's treasuries and sovereign debt have fallen. Gold fell, the dollar remained stable, and the euro edged higher.
