In Asian Equity Markets stocks fell on Wednesday, as investors fretted over economic uncertainties that caused a spike in U.S. benchmark bond yields. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.43 percent with Australia off 1.5 percent, and South Korea falling 2.06 percent. The Hong Kong benchmark shed 1.2 percent and Chinese blue chips were 1.1 percent lower. Japan’s Nikkei shed 2.35 percent hurt by the general mood as the country’s ruling party votes for a new leader who will almost certainly become the next prime minister ahead of a general election due in weeks.

In Currency Markets the dollar traded near its strongest levels of the year on Wednesday, after driving higher with U.S. yields and benefiting from investor nervousness about the Federal Reserve starting to withdraw policy support just as global growth headwinds gather. The yen touched an 18-month low of 111.685 per dollar early in the Asia session. The euro sat at $1.1687 and was close to testing major support around its 2021 low of $1.1664. The Australian and New Zealand dollars were languishing, and the kiwi fell to a fresh one-month low of $0.6939. The Aussie fell to $0.7227.

In US Equity Markets stocks fell in a broad sell-off on Tuesday as the upward trajectory of U.S. Treasury yields and deepening inflation concerns dampened risk appetite and sent investors fleeing the equities market. The Dow fell 1.62 percent, to 34,305.51, the S&P 500 lost 1.99 percent, to 4,354.69 and the Nasdaq Composite fell 2.64 percent, to 14,574.12. Ford Motor Co gained 1.3 percent on news that it would partner with Korean battery partner SK Innovation to invest $11.4 billion to build an electric F-150 assembly plant and three U.S. battery plants.

In Commodities Markets gold prices fell more than 1 percent to hit a seven-week low on Tuesday, as the dollar strengthened, and U.S. Treasury yields rose on expectations of a sooner-than-expected hike in interest rates by the Federal Reserve. Spot gold was down 0.8 percent at $1,736.81 per ounce. Silver lost 0.8 percent to $22.47 per ounce, palladium fell 4.3 percent to $1,879.35, and platinum fell 1.8 percent to $963.27. Brent crude futures settled at $79.09 per barrel, down 0.6 percent. U.S. crude oil futures settled at $75.29 per barrel, down 0.2 percent.

In European Equity Markets stocks sank to their lowest in a week on Tuesday as a surge in government bond yields knocked high-growth technology shares, with fresh signs of a slowdown in China’s economy weighing on investor sentiment. The pan-European STOXX 600 index was down 2.2 percent. Germany’s DAX fell 2.1 percent, France’s CAC 40 was down 2.2 percent and Britain’s FTSE 100 shed 0.5 percent. Technology stocks fell 4.8 percent to hit their lowest in two months. Dutch semiconductor supplier ASM International fell 3.8 percent despite raising its third-quarter order intake guidance.

In Bond Markets U.S. Treasuries extended their sell-off into a fourth day on Tuesday with the 10-year yield reaching a level last seen in mid-June, while inflation expectations rose. The benchmark 10-year yield climbed as high as 1.567 percent and was last up 4.3 basis points at 1.527 percent. Yields on two- and five-year notes reached their highest levels since the first quarter of 2020. The yield on 10-year U.S. Treasury Inflation-Protected Securities rose to its highest since late June and was last at -0.861 percent.