- Stocks slumped, following their worst quarter since the pandemic bear market, as economic uncertainties from the Fed's tightening monetary policy and Russia's intervention in Ukraine buffeted investors.
- Hong Kong equities were the first in Asia to fall, with a drop in Chinese technology companies leading the way. Because of missed deadlines for submitting annual results, trading in at least 33 Hong Kong-listed equities was halted.
- China's stock exchanges have been hit hard by the country's worst Covid outbreak since the pandemic began. Japan's stock market fell as businesses became more pessimistic about the economy, fearing that yen weakness would lead to greater costs. Equity futures in the US and Europe were also down.
- The US decision to release nearly a million BPD from reserves to combat rising energy costs caused oil to lose ground. The invasion of Russia has hampered commodities shipments, driving up costs for everything from gasoline to food.
- Treasury yields fell, and the 2-yr and 10-yr yield curves stayed near to inverting, indicating concerns about an economic slowdown if the Fed deploys aggressive interest-rate hikes to combat excessive inflation.
