In Asian Equity Markets stocks fell on Friday after a rush of central bank meetings underlined the growing threat posed by a spike in global inflation, while fears about the omicron variant of COVID-19 added to a cautious mood. Japan’s Nikkei was 0.85 percent lower in early trading on Friday after rising 2.13 percent the day before. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.2 percent. Chinese stocks, particularly tech names, have been a major drag, with the Hong Kong benchmark touching its lowest level since September 2020 on Thursday, and falling 0.56 percent on Friday.

In Currency Markets the dollar remained under pressure on Friday, a day after the Bank of England and European Central Bank adopted more hawkish stances than markets had expected, giving a boost to sterling and the euro. Sterling edged up to $1.33295. The euro gained 0.10 percent to $1.1340, having hit the highest this month on Thursday, when the ECB outlined plans toward removing stimulus over coming quarters, although it also emphasized policy flexibility. The yen rose as high as 0.23 percent to 113.445 per dollar and the Aussie dollar slid as much as 0.41 percent to $0.7153.

In US Equity Markets the Nasdaq ended sharply lower on Thursday as the Federal Reserve’s announcement of a faster end to its pandemic-era stimulus pushed investors away from Big Tech and toward more economically sensitive sectors. The Dow fell 0.08 percent to end at 35,897.64, while the S&P 500 lost 0.87 percent to 4,668.67. The Nasdaq Composite fell 2.47 percent to 15,180.44. Lennar Corp fell 4.1 percent after the homebuilder missed analysts’ estimates for quarterly profit as pandemic-led supply chain issues pushed lumber costs higher and delayed house deliveries.

In Commodities Markets oil prices rose around 2 percent on Thursday, as record U.S. implied demand, falling crude stockpiles and an upbeat economic outlook from the Fed trumped fears of the Omicron coronavirus variant hurting global consumption. Brent crude oil rose 1.5 percent, to settle at $75.02 a barrel, while U.S. WTI crude rose 2.1 percent, to settle at $72.38 a barrel, a 2.13 percent gain. Spot gold was 1 percent higher at $1,795.41 per ounce. Silver rose 1.5 percent to $22.39 per ounce, while platinum gained 1.8 percent to $935.42. Palladium leaped 8.3 percent to $1,728.71.

In European Equity Markets stocks had their best day in more than a week on Thursday, led by gains in banks and miners after the European Central Bank promised continued support to the economy, still choosing to incrementally withdraw stimulus. The pan-European STOXX 600 index rose 1.2 percent, while the euro zone index closed up 0.9 percent. Airbus SE rose 2.4 percent after Australia’s Qantas Airways chose the planemaker as its preferred supplier for its domestic fleet and Air France KLM struck a deal for dozens of narrowbody jets.

In Bond Markets the U.S. Treasury curve steepened as note yields tumbled on Thursday, a day after the Federal Reserve doubled the pace of its monthly bond-buying tapering and flagged three interest rate increases next year. The benchmark 10-year yield was last down 2.8 basis points at 1.4344 percent, while the two-year yield , which reflects short-term interest rate expectations, was last 6 basis points lower at 0.6269 percent. The five-year yield fell to its lowest since Dec. 6 and was last at 1.1816 percent. But, the 30-year bond yield was last up 2 basis points at 1.8729 percent.