- US market futures and Asian stocks fell, following a day of astonishing volatility on Wall Street fuelled by fears about Federal Reserve policy tightening and geopolitical uncertainty.
- The S&P 500 and Nasdaq 100 contracts fell nearly 1%, while an Asia-pacific share index fell to its lowest level since November 2020. In a remarkable turnaround from a selloff that matched any of the previous two years, US equities erased a 4% plunge to close higher on strong volumes on Monday.
- Treasury yields were mixed, with the benchmark 10-year yield falling slightly. After being swept up in a spell of risk aversion, oil stabilised.
- The thought of a Fed interest-rate hike cycle and balance-sheet reduction to combat inflation has shook markets. The escalation of US-Russian tensions over Ukraine has also increased demand for safe havens. The dollar gained ground.
- Bonds in Australia fell after stronger-than-expected inflation statistics, as traders increased their bets on rate hikes. Singapore's dollar rose as a result of unexpected monetary policy tightening to cool pricing pressures.
