In Asian Equity Markets stocks swung between losses and gains in choppy trading on Wednesday as investors looked for direction after China took further steps towards reopening its COVID-battered economy, with worries over an economic slowdown weighing on sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.12 percent, having slid as much as 0.5 percent. China stocks were little changed, while the Hong Kong stock market rose 2 percent. Australia’s S&P/ASX 200 index lost 0.45 percent, while Japan’s Nikkei fell 0.6 percent.

In Currency Markets the dollar climbed to a more than one-week high versus the yen on Wednesday, buoyed by higher Treasury yields amid hopes for a strong rebound in Chinese growth as COVID-19 curbs loosen. The dollar rallied 0.5 percent to 134.17 yen in Asian trading, and earlier touched 134.40 for the first time since Dec. 20, when the BOJ sent the pair spiralling lower with an unexpected loosening of the 10-year Japanese government bond yield policy band. The euro was flat at $1.0636. Sterling eased 0.15 percent to $1.2013. The Australian dollar inched up 0.07 percent to $0.6738.

In US Equity Markets stocks ended lower at the beginning of a holiday-shortened week on Tuesday, as rising U.S. Treasury yields pressured interest rate sensitive megacap shares. The Dow rose 0.11 percent, to 33,241.56, the S&P 500 lost 0.40 percent, to 3,829.25 and the Nasdaq Composite fell 1.38 percent, to 10,353.23. Southwest Airlines Co fell after harsh weather forced the discount commercial carrier to lead its peers in cancellations. The broader S&P 1500 Airlines index also ended the session in the red. Shares of Tesla Inc lost 11.4 percent.

In Commodities Markets oil prices were steady after hitting a three-week high on Tuesday as restarts at some U.S. energy plants shut by winter storms offset gains stemming from hopes of a demand recovery as China eases its COVID-19 restrictions. Brent crude was up 0.5 percent, at $84.33 a barrel, while U.S. West Texas Intermediate crude settled 3 cents lower at $79.53 per barrel. Spot gold jumped 1.1 percent to $1,816.69 per ounce. In other metals, spot silver gained 1.6 percent to $24.09 per ounce, while platinum edged up 0.2 percent to $1,023.73. Palladium jumped nearly 4 percent to $1,832.44.

In European Equity Markets stocks closed a touch higher on Tuesday as China relaxing its COVID-19 curbs more raised hopes of a recovery in the world’s second-largest economy. The pan-European STOXX 600 index gained 0.1 percent, kicking off a holiday-shortened week in the black. China-exposed luxury firms LVMH, Kering and Richemont rose between 1.7 percent and 2.4 percent. The STOXX 600 Personal & Household index gained 0.9 percent, according to Refinitiv data based on Thursday’s closing price. Shares in Germany, Europe’s largest economy, gained 0.4 percent.

In Bond Markets the yield on the benchmark U.S. 10-year Treasury note rose on Tuesday, as investors tried to assess the path of interest rate hikes from the Federal Reserve as China continues to scale back its COVID-19 restrictions. The yield on 10-year Treasury notes was up 10.4 basis points at 3.851 percent after hitting a five-week high of 3.862 percent. The yield on the 30-year Treasury bond was up 11.5 bps at 3.937 percent. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 7.7 bps at 4.400 percent.