In Asian Equity Markets stocks fell on Tuesday as a recent rally fueled by optimism over a Chinese reopening faded, while investors also grew cautious ahead of more cues on U.S. monetary policy from Fed Chair Jerome Powell. China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes fell 0.1 percent and 0.2 percent, respectively, while Hong Kong’s Hang Seng index sank 0.2 percent. Bourses in South Korea and Australia fell0.2 percent and 0.3 percent, respectively. Japan’s Nikkei 225 index was among the few exceptions on Tuesday, rising 0.7 percent in catch-up trade after a long weekend.

In Currency Markets the U.S. dollar languished near a seven-month low against other major currencies on Tuesday, as investors took heart that the Federal Reserve may be nearing the end of its rate-hike cycle and as China’s reopening drove demand for riskier assets. The euro was last 0.07 percent higher at $1.0739, holding near the previous session’s seven-month peak of $1.07605 that came on the back of the dollar’s decline. Sterling slid 0.08 percent to $1.21705. The Aussie dollar was 0.03 percent higher at $0.69155. The New Zealand dollar rose 0.13 percent to $0.6378.

In US Equity Markets the S&P 500 index erased early gains to close nearly flat on Monday as expectations that the Federal Reserve will become less aggressive with its interest rate hikes were offset by lingering worries about inflation. The Dow fell 0.34 percent, to 33,517.65, the S&P 500 lost 0.08 percent, to 3,892.09 and the Nasdaq Composite added 0.63 percent, to 10,635.65. Tesla Inc shares rose 5.9 percent after the electric-vehicle maker indicated longer waiting times for some versions of the Model Y in China, signaling the recent price cuts could be stoking demand.

In Commodities Markets oil prices rose over 1 percent on Monday after China’s reopened borders boosted the outlook for fuel demand and overshadowed global recession concerns. Brent crude was up 1.4 percent, at $79.65 a barrel. U.S. West Texas Intermediate crude rose 1.2 percent, to $74.63. Spot gold rose 0.3 percent to $1,870.45 per ounce, after hitting its highest since May 9 earlier in the session at $1,881.5. Spot silver fell 0.5 percent to $23.69 per ounce, platinum was steady at $1,090.5, and palladium lost 1.8 percent to $1,773.25.

In European Equity Markets stocks rose on Monday, extending the year’s upbeat start to a second week, as China reopened its borders overnight and U.S. and European data soothed nerves about aggressive tightening by major global central banks. The pan-European STOXX 600 gained 0.9 percent by closing time. The construction & materials index jumped 2.4 percent. Miners added 2.2 percent as base metal prices advanced on hopes of demand recovery from top consumer China. China-exposed financials, such as insurer Prudential rose 1.4 percent.

In Bond Markets treasury prices rallied further on Monday on expectations of a halt to rising interest rates, although the market faces a hawkish U.S. Federal Reserve that aims to see inflation truly slowing before it can pivot. The yield on 10-year Treasury notes fell 4.4 basis points to 3.527 percent, and the two-year’s yield, which often reflects interest rate expectations, fell 4.8 basis points to 4.212 percent. The yield on the 30-year Treasury bond was down 2.6 basis points to 3.666 percent.