- As a widespread risk-off mentality took hold amid scorching US inflation statistics and continued unfavourable news out of Ukraine, Asian stocks and futures sank on, while treasuries climbed.
- As the gloomy sentiment rippled across markets, a MSCI index of the region's stocks was on track for its fourth consecutive weekly fall. In Hong Kong, a technology index fell by more than 6%. China's stocks on the New York Stock Exchange experienced their worst day since 2008, owing to increasing regulatory concerns.
- After a selloff on Thursday, the decline in US futures signalled caution. Contracts in Europe have also dropped. As its stunning surge comes to a halt, oil is expected to suffer its largest weekly loss since November. Biden is expected to call for an end to normal trade ties with Russia, paving the way for higher taxes on Russian imports.
- The dollar gained ground against most of its main counterparts. The yen fell to a five-year low against the greenback as the likelihood of a widening interest rate difference weighed on it. Money-market traders increased their bets on rising rates this year by over seven quarter-points. Treasury yields recovered from an overnight drop that briefly pushed the 10-year yield above 2%.