- Asia's stocks fell, and bonds fell again, weighed down by the impact of high inflation.
- The MSCI Asia-Pacific Equity Index fell as bourses in Japan, China, and Hong Kong struggled to gain traction. A rally in Chinese technology stocks fizzled.
- US futures fell after Wall Street's two-day rally came to an end. A rise in oil prices above $122 per barrel has fueled concerns about rising costs and monetary tightening.
- Sentiment was also harmed after Shanghai announced that a district would be closed down on Saturday morning for mass covid testing. This is the city's first significant movement restriction since it removed curbs earlier this month.
- Benchmark treasury yields remained above 3%, with New Zealand's 10-year yield reaching its highest level in seven years. The dollar-yen pair dominates foreign-exchange markets, with Japan's currency weakness putting the 2002 high of 135.15 in play.
