- On reports that the Biden administration is preparing a big release of petroleum from US reserves to curb inflation, US futures climbed and oil fell substantially. Asia was pulled down by a drop in Chinese technology equities.
- Following statistics showing a drop in Chinese manufacturing, shares in China and Hong Kong fell, while equities in Japan held steady, with the yen retreating after two days of advances. As talks between Russia and Ukraine faltered, the S&P 500 closed lower for the first time in five days, while the tech-heavy Nasdaq 100 fell.
- Reports that the US is drafting a plan to release nearly a million barrels of oil per day halted a crude rally. The news comes ahead of an OPEC+ supply meeting on Thursday, where the cartel is expected to maintain its moderate output increase strategy in May.
- Chinese stocks are under pressure as new output data shows the impact of renewed lockdowns in technology and manufacturing sectors. The chief of the SEC stifled speculation that a deal is being worked out to protect approximately 200 Chinese stocks from being delisted. Meanwhile, China's central bank has pledged to increase trust and give more effective economic support.
- Treasuries boosted advances across the curve, while a part of the curve has emerged from a temporary inversion that sparked fears of an oncoming recession. The value of the dollar has dropped.
