- Stocks in Asia fell after China unexpectedly decided not to cut a key policy rate to support an economy hampered by commodity lockdowns.
- Equities fell on the mainland, as well as in Japan and South Korea, which were among the few markets open on Friday due to the Easter holidays. China has indicated that it will soon reduce the reserve requirement ratio for banks, making a reduction in the rate on one-year policy loans less urgent.
- Asia's weakness comes on the heels of a technology-led decline in US stocks due to concerns about accelerating inflation and aggressive Federal Reserve monetary tightening.
- Treasuries fell as well on Thursday, weighed down by higher import prices in the United States and comments from Fed's Williams that a half-point rate hike is a "reasonable option." Treasury markets are closed on Friday. The dollar gained ground against all of its group of ten counterparts, with the yen the worst performer.
- The biggest weekly rally in oil this month underscored global price pressures. The price of crude was boosted by a report that the European Union is considering imposing a phased ban on imports from Russia due to the conflict in Ukraine.
- Bond yields have risen, putting both gold and bitcoin on the defensive, with bitcoin trading at about $40,000.
