- Asian equities held steady as China offered to increase monetary policy support for the country's Covid-afflicted economy, whose woes are clouding the global recovery picture.
- In contrast to Monday's fall, an Asia-pacific equities index eked out a gain amid calmer conditions on Chinese stock exchanges. Hong Kong's tech stocks have risen. European futures gained roughly 1%, but US prices were unchanged.
- The virus is being tested around Beijing, raising worries of an unprecedented lockdown. Aside from promising greater help, the PBoC also stated that it will foster healthy and steady financial market development.
- Treasury yields rose, and sovereign notes in Australia and New Zealand rose, while the dollar index fell. Due to China's lockdowns and aggressive Federal Reserve policy tightening to combat inflation, investors are calculating the probability of an economic slump.
- The PBoC reduced the amount of money banks must set up in reserve for foreign-currency holdings, thus, increasing the supply of dollars in the domestic market.
- The fear of lower Chinese demand dragged on oil prices, which fell below $100 a barrel. Along with Russia's invasion of Ukraine, another source of commodity-market instability is a virus outbreak in the world's largest petroleum importer.
