In Asian Equity Markets stocks hit three-week highs on Wednesday as cash fleeing tumbling bond markets flowed back toward big tech and other beaten-up sectors, while the Ukraine conflict’s potential to further hit supplies kept oil and commodity prices high. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6 percent, with Hong Kong, Seoul and Sydney all registering similar sized gains. Japan’s Nikkei jumped 2.5 percent to touch a two-month top. Tech behemoths Tencent and Alibaba and food-delivery giant Meituan led the Hang Seng tech index up by more than 3 percent.

In Currency Markets the dollar was up on Wednesday morning in Asia. The Australian dollar minimized losses while the Japanese yen continued its slide, as investors slowly turn to riskier assets and climbing commodity prices continue to drive market movements. The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.01 percent to 98.530. Against the Japanese yen, the dollar was up 0.28 percent to 121.13. The Aussie dollar inched down 0.08 percent to $0.7461 and the kiwi inched down 0.08 percent to $0.6957.

In US Equity Markets stocks ended higher on Tuesday, led by a 2 percent gain in the Nasdaq, as shares of technology and other big growth names rebounded from recent losses and Nike rose after it reported upbeat results. The Dow rose 0.74 percent, to 34,807.46, the S&P 500 gained 1.13 percent, to 4,511.61 and the Nasdaq Composite added 1.95 percent, to 14,108.82. Nike Inc shares rose 2.2 percent after the company beat quarterly profit and revenue expectations and said manufacturing issues pinching sales over the past six months were in the rear view mirror.

In Commodities Markets oil edged lower on Tuesday after it looked unlikely that European Union nations would agree to join the United States in a Russian oil embargo in retaliation for its invasion of Ukraine. Brent crude fell 0.2 percent, to settle at $115.48 a barrel. U.S. West Texas Intermediate crude ended 0.3 percent, lower at $111.76. Spot gold was down 0.7 percent at $1,921.58 per ounce. U.S. gold futures settled down 0.4 percent at $1,921.50. Silver fell 1.6 percent to $24.80 per ounce and platinum lost 1.6 percent to $1,021. Palladium fell 3.8 percent to $2,487.19.

In European Equity Markets stocks rose on Tuesday, boosted by gains in banks on prospect of aggressive interest rate hikes following hawkish comments by U.S. Fed Chair Jerome Powell. The pan-European STOXX 600 gained 0.9 percent, helped by a 2.5 percent jump in European banks. Other cyclical sectors such as insurers and autos, preferred bets for a rising rates scenario, rose 2.0 percent and 1.6 percent respectively. Europe’s largest online restaurant food ordering service Just Eat Takeaway.com gained 3.2 percent on a partnership with McDonald’s Corp to expand delivery.

In Bond Markets U.S. Treasuries sold off further on Tuesday but a key market gauge that signals recession eased as traders weighed how fast interest rates will rise in coming months after Federal Reserve Chair Jerome Powell rattled bond investors a day earlier. The yield on 10-year Treasury notes jumped 5.1 basis points to 2.368 percent. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 2.4 basis points at 2.158 percent. The breakeven rate on five-year U.S. Treasury Inflation-Protected Securities (TIPS) was last at 3.509 percent.