- Asian equities climbed, buoyed by a drop in oil prices and the prospect of fresh cease-fire talks between Russia and Ukraine. Short-term treasuries were drained by wagers on strong monetary tightening in the US.
- After the S&P 500 rallied for a third day, equities in Japan, Hong Kong, and China climbed, while US futures varied and European contracts advanced.
- On concerns that China's mobility restrictions against crude may stifle demand, oil prices continued to fall, with west Texas intermediate crude falling to around $105 a barrel.
- The 10-yr treasury yield remained stable at 2.46%. Inversions in the bond curve, where some short-term rates exceed longer-term yields, signal concerns about an impending economic slowdown as the Fed raises interest rates to combat excessive inflation.
- The yen was trading near a six-year low against the dollar due to the Fed's divergence from a dovish Japanese central bank. To contain a rise in yields, the latter continued with unprecedented bond-market involvement.
