In Asian Equity Markets stocks were mostly down and oil prices fell on Tuesday as the spread of the Omicron coronavirus variant rattled investors who were already on edge ahead of a slew of central bank decisions this week, including a key Federal Reserve meeting. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.77 percent. China’s CSI300 index was 0.39 percent lower, after health authorities in Tianjin detected the country’s first Omicron case. South Korea’s KOSPI was 0.63 percent lower, Japan’s Nikkei stock index was down 0.86 percent and Australian shares were little changed.

In Currency Markets the dollar scaled a one-week high versus a basket of major rivals on Tuesday, supported by expectations of a hawkish Fed meeting this week and haven demand amid continued uncertainty about the Omicron coronavirus variant. The euro fell 0.07 percent to $1.1278 after touching a one-week low of $1.12605 overnight. Sterling lost 0.08 percent to $1.32035, edging back toward the one-year low of $1.31615 reached last week. The dollar was little changed at 113.565 yen. The Aussie declined 0.39 percent to last trade at $0.71060.

In US Equity Markets stocks ended lower on Monday, with shares of Carnival Corp and several airlines tumbling as investors worried about the Omicron coronavirus variant ahead of a Federal Reserve meeting later this week. The S&P 500 lost 0.92 percent, to end at 4,668.46 points, while the Nasdaq Composite lost 1.41 percent, to 15,409.72. The Dow fell 0.87 percent, to 35,657.01. Norwegian Cruise Line Holdings, Carnival Corp and Royal Caribbean Cruises all fell, while the S&P 1500 airlines index shed more than 2 percent.

In Commodities Markets oil futures eased on Monday on worries that rising coronavirus cases around the world could reduce crude demand as new doubts emerged about the effectiveness of vaccines against the Omicron variant. Brent futures fell 1.0 percent, to settle at $74.39 a barrel, while U.S. West Texas Intermediate crude fell 0.5 percent, to settle at $71.29. Spot gold was up 0.2 percent at $1,785.20 per ounce. Spot silver rose 0.3 percent to $22.22 per ounce while platinum gained 0.5 percent to $946.74, and palladium added 0.5 percent to $1,769.61.

In European Equity Markets stocks fell on Monday, led by travel and energy stocks over rising Omicron variant risks, while a wave of central bank policy decisions this week kept investor sentiment subdued. The pan-European benchmark STOXX 600 erased early session gains to end 0.4 percent lower, marking its fourth consecutive day in the red. London’s FTSE 100 and FTSE 250, fell 0.8 percent and 1.2 percent respectively, to mark their worst session in two weeks. UK travel stocks lost 3.5 percent. Europe’s energy sector lost with Royal Dutch and BP down between 2.2 percent and 2.7 percent.

In Bond Markets the benchmark U.S. 10-year Treasury yield fell on Monday and the yield curve flattened as traders jockeyed for position ahead of an expected hawkish tone out of the Federal Reserve’s two-day meeting this Wednesday. The yield on 10-year Treasury notes was down 5 basis points to 1.439 percent and the 30-year Treasury bond yield was down 6.3 basis points to 1.821 percent. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down 0.1 basis point at 0.661 percent.