In Asian Equity Markets stocks wallowed around lows hit early in the pandemic on Tuesday, while China’s yuan fell to a nearly 15-year trough as investors were rattled by President Xi Jinping’s growing power. MSCI’s broadest index of Asia-Pacific shares fell to the lowest since April 2020 before an attempted rebound in beaten-down Hong Kong tech shares dragged it back to flat. The Hang Seng Tech index was up 3 percent in the afternoon, but after falling nearly 10 percent on Monday and being down almost 50 percent this year it was cold comfort for investors. Japan’s Nikkei rose 1 percent.

In Currency Markets the safe-haven U.S. dollar eased against major peers on Tuesday amid signs Federal Reserve rate hikes are putting the brakes on the world’s biggest economy, while risk sentiment improved as Rishi Sunak prepared to become Britain’s prime minister. The dollar index eased to as low as 111.72, taking it close to Friday’s low of 111.68, the weakest since Oct. 6. It last stood at 111.96. Sterling added 0.24 percent to $1.13105, heading toward the high this month of $1.1493 from Oct. 5. The euro was 0.16 percent stronger at $0.98875.

In US Equity Markets stocks advanced on Monday, extending last week’s gains as signs of economic softness suggested the effects of the Fed’s aggressive policy aimed at cooling the economy, thereby curbing decades-high inflation, are beginning to take root. The Dow rose 1.34 percent, to 31,499.62, the S&P 500 gained 1.19 percent, to 3,797.34 and the Nasdaq Composite added 0.86 percent, to 10,952.61. Tesla Inc shares slid 1.5 percent after the electric automaker cut prices for its Model 3 and Model Y cars by as much as 9 percent in China, signaling softening demand in the world’s largest auto market.

In Commodities Markets oil fell on Monday as data showing demand from China remained lackluster in September and a strong U.S. dollar weighed, while weakening U.S. business activity data eased expectations for more aggressive interest rate hikes and limited price decline. Brent crude futures for December delivery settled at $93.26 a barrel, down 0.3 percent. U.S. WTI crude lost $84.58 a barrel, losing 0.6 percent. Spot gold fell 0.4 percent to $1,649.51 per ounce. Spot silver fell 0.8 percent to $19.24 per ounce, while palladium fell 0.3 percent to $2,013.25. Platinum lost 0.4 percent to $928.00.

In European Equity Markets stocks rose on Monday on hopes the Fed could slow its pace of interest rate hikes, while investors welcomed Rishi Sunak’s victory in Britain’s prime ministerial race and looked ahead to a key rate decision from the ECB. The continent-wide STOXX 600 index closed 1.4 percent up at its highest level in nearly a week, with utilities, media and travel and leisure sectors leading the gains. Philips lost 1.5 percent after the Dutch medical equipment maker said it expected to scrap around 4,000 jobs and warned supply chain problems would continue to weigh on sales in the last months of 2022.

In Bond Markets U.S. Treasury yields climbed on Monday as investors remained concerned the Federal Reserve would maintain its ultra hawkish stance on fighting inflation despite economic data pointing to a slowdown in U.S. business activity in October. But they climbed back again, with the benchmark 10-year Treasury yields up at 4.229 percent and two-year note yields at 4.498 percent. On the long end, 30-year Treasury yields rose to an 11-year high of 4.359 percent.