In Asian Equity Markets stocks rose on Wednesday boosted by U.S. inflation figures that fared better than markets’ worst expectations – and caused U.S. yields to pause their march higher – though Chinese shares remained pressured by COVID-19. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 percent and Japan’s Nikkei jumped 1.54 percent. Chinese blue chips fell 0.7 percent and Hong Kong lost 0.2 percent. They were little changed by Wednesday customs data which showed China’s exports rose 13.4 percent in yuan terms year on year in January-March, while imports increased 7.5 percent.

In Currency Markets the euro was pinned to a five-week low on Wednesday as prospects for peace in Ukraine seemed to darken, while the kiwi was boosted when New Zealand’s central bank delivered its steepest rate hike in two decades. The kiwi flickered as high as $0.6902 after the Reserve Bank of New Zealand lifted its official cash rate (OCR) by 50 basis points to 1.5 percent. The euro fell to $1.0821 overnight and hovered nearby at $1.0835 in the Asian session. Sterling, which has been pegged near $1.30, held at $1.3011. The Australian dollar, at $0.7469.

In US Equity Markets stocks turned rally to sell-off on Tuesday, reversing earlier gains as impending monetary tightening from the Fedonce again pulled growth stocks back into red territory. The Dow fell 0.26 percent, to 34,220.36, the S&P 500 lost 0.34 percent, to 4,397.45 and the Nasdaq Composite fell 0.3 percent, to 13,371.57. Energy shares enjoyed the largest percentage gain among the 11 major sectors in the S&P 500, jumping 1.7 percent. CrowdStrike Holdings Inc rose 3.2 percent after Goldman Sachs upgraded the cybersecurity company’s shares to “buy”, citing elevated demand.

In Commodities Markets oil prices settled higher on Tuesday as lockdowns eased in Shanghai and as Russian oil and gas condensate production fell to 2020 lowsand OPEC warned it would be impossible to replace potential supply losses from Russia. Brent crude futures rose 6.3 percent, to settle at $104.64 a barrel. U.S. West Texas Intermediate rose 6.7 percent, to settle at $100.60. Spot gold was up 0.7 percent at $1,967.61 per ounce. Palladium fell 3.5 percent to $2,346.66 per ounce, while platinum was down 1.2 percent at $964.79. Spot silver rose 1.1 percent to $25.35 per ounce.

In European Equity Markets stocks fell on Tuesday as Deutsche Bank and Commerzbank decrease after a big stake sale, while a U.S. reading on inflation kept aggressive Federal Reserve tightening bets from ramping up. The pan-European STOXX 600 index fell 0.3 percent, paring some losses from earlier in the day, with healthcare stocks leading losses, and banks among the worst hit. Deutsche Bank and Commerzbank fell 9.4 percent and 8.5 percent, respectively, after an undisclosed investor sold stakes of more than 5 percent in Germany’s top lenders.

In Bond Markets U.S. Treasury yields moved lower on Tuesday, with the benchmark 10-year Treasury yield on track for its first decline in eight sessions after a reading on inflation showed an acceleration in March, but sparked hope higher prices may have peaked. The yield on 10-year Treasury notes was down 6.5 basis points to 2.718 percent. The yield on the 30-year Treasury bond was down 0.1 basis point to 2.820 percent. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down 12.1 basis points at 2.387 percent.