In Asian Equity Markets stocks edged higher on Wednesday from close to two-year lows hit in the previous session and the dollar held steady, ahead of keenly awaited U.S. inflation data that will offer a guide to how aggressively the U.S. Fed will raise rates. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.45 percent, trading marginally above its lowest level since July 2020 touched the day before. Japan’s Nikkei gained 0.3 percent. Chinese blue chips led the gains, rising 1.5 percent after producer prices in the world’s second largest economy rose at the slowest pace in a year in April.

In Currency Markets the dollar hovered near a two-decade high against major peers on Wednesday, ahead of a key reading on inflation that should provide clues on how aggressive the Federal Reserve will be in tightening monetary policy. The euro languished at 1.05305, continuing to trade mostly sideways since plumbing a more than five-year low at 1.04695 at the end of last month. Sterling also struggled near a 22-month low at $1.2262 from the start of the week, last trading flat at $1.2323. The Aussie ticked up 0.17 percent to $0.6951 on Wednesday.

In US Equity Markets the S&P 500 and Nasdaq ended higher on Tuesday, with big growth shares rising after the previous day’s selloff as Treasury yields tumbled. The Dow fell 0.26 percent, to 32,160.74, the S&P 500 gained 0.25 percent, to 4,001.05 and the Nasdaq Composite added 0.98 percent, to 11,737.67. S&P 500 technology rose 1.6 percent on the day and led S&P 500 sector gains. Among the day’s gainers, Pfizer Inc shares rose 1.7 percent after it said it will pay $11.6 billion to buy Biohaven Pharmaceutical Holding Co read more Biohaven shares jumped 68.4 percent.

In Commodities Markets U.S. crude oil price settled below $100 a barrel on Tuesday to its lowest level in two weeks as the demand outlook was pressured by coronavirus lockdowns in China and growing recession risks, while a strong dollar made crude more expensive for buyers using other currencies. U.S. WTI crude settled down 3.2 percent, to $99.76 a barrel, while Brent crude was down 3.28 percent, at $102.46 a barrel. Spot gold was down 0.5 percent at $1,844.95 per ounce. Spot silver fell 1.2 percent to $21.53 per ounce, platinum gained 1.5 percent to $970.02 and palladium fell 1 percent to $2,077.19.

In European Equity Markets stocks rose from two-month lows on Tuesday, as bargain hunters returned to buy beaten-down shares following a bruising selloff on worries about a sharp slowdown in global economic growth. The pan-European STOXX 600 index rose 0.7 percent, with almost all sectors in positive territory. French carmaker Renault Group fell 0.4 percent, giving back gains after China’s Geely Automobile Holdings agreed to acquire around 34 percent of Renault Korea Motors for 264 billion won ($206.79 million).

In Bond Markets U.S. Treasuries rallied on Tuesday, with the benchmark 10-year note yield tumbling from more than a three-year high to below 3 percent, as the market paused to reassess the inflation outlook a day before key consumer price data is released. The yield on 10-year Treasuries slid 9.4 basis points to 2.985 percent, while the 30-year bond fell 9.6 basis points to 3.112 percent, almost trading under 3 percent at one point. The breakeven rate on five-year U.S. Treasury Inflation-Protected Securities (TIPS) slid to 2.9377, the lowest since late February. It was last at 2.943 percent.