- Asian stocks gained alongside US and European equities futures, providing some relief from the volatility caused by Russia's invasion of Ukraine. Risks of inflation placed government bonds on the defensive.

- Japan, Hong Kong, and China helped MSCI's Asia-Pacific index end a three-day losing streak. European contracts were up roughly 2%, while US futures were up only little. The S&P 500 index fell on Tuesday after climbing over 2% the day before.

- Crude rose, albeit at a slower rate, as the market processed the US decision to prohibit imports of Russian fossil fuels as retaliation for the country's involvement in the war. The UK will also ban Russian barrels, but natural gas and coal will be exempt. At close to $125 a barrel, West Texas Intermediate oil was at its highest level since 2008.

- Commodity volatility is persisting as a result of the war and sanctions imposed on resource-rich Russia, which are isolating it from the global economy. Global economy could be stifled by large supply interruptions and the resulting inflationary shock.

- Bonds in Australia and New Zealand followed treasury yields lower, as did bonds in Europe, where the EU is considering a plan to jointly issue bonds on a potentially enormous scale to support energy and defence spending. The 10-year yield in the US was near 1.85%, gold was down, and the dollar was stable.