In Asian Equity Markets stocks turned higher on Tuesday as the market took stock after a recent steep selloff, but concerns remain that aggressive central bank rate hikes to curtail inflation could spark a global recession. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.85 percent in early trading, edging up from a more than five-week low hit the previous day. Japan’s benchmark Nikkei average opened up 1.16 percent. Chinese blue chips rose 0.5 percent. Australia’s S&P/ASX 200 index climbed 1.12 percent in early trading.

In Currency Markets the Australian dollar rose on Tuesday after the central bank flagged more rate hikes were on the way, but the uptick was restrained by lower commodity prices, while the Japanese yen languished near a 24-year low. The Aussie was 0.3 percent higher at $0.69675, extending the previous day’s small gains, after RBA Governor Philip Lowe signalled a lot more policy tightening ahead. The Japanese yen remained under pressure at 135.1 yen per dollar, while the euro was at $1.0519. Sterling was at $1.227, climbing from last week’s over two-year low of $1.1934.

In U.S., Equity Markets were closed in observance of Juneteenth National Independence Day.

In Commodities Markets oil prices swung higher in volatile trading on Monday, as traders focused on tight supplies over slowing global economic growth. Brent crude futures settled up 0.9 percent, at $114.13 a barrel. U.S. West Texas Intermediate crude last traded up 0.56 percent, at $110.17 in subdued trade on the Juneteenth U.S. holiday. Spot gold was little changed at $1,838.36 per ounce, after falling 1.7 percent last week. Spot silver fell 0.1 percent to $21.62 per ounce, while platinum rose 0.6 percent to $938.54. Palladium gained 0.8 percent to $1,830.66.

In European Equity Markets stocks rose strongly on Monday after a sharp selloff last week on recession worries, while gains in French shares were capped after President Emmanuel Macron lost an absolute majority in the country’s parliamentary election. The pan-European STOXX 600 index closed up 1.0 percent, with battered banking, travel and energy stocks leading the gains. Europe’s construction and materials index lost 1.8 percent after Irish building insulation specialist Kingspan said the mood in most end markets deteriorated resulting in a dip in orders over the last two months.

In Bond Markets German government bond yields rose sharply on Monday as signs of broadening inflationary pressures in Europe’s economic powerhouse and hawkish comments from top policymakers reaffirmed expectations of higher interest rates in the bloc. Benchmark yields in benchmark 10-year German government debt rose 7 bps to near the day’s highs at 1.73 percent. Yields on short-dated two-year debt also rose by a similar quantum to 1.14 percent. France’s 10-year yield rose 5 bps to 2.251 percent, with the spread between it and Germany widening by 1.5 bps to 54.5 bps.