In Asian Equity Markets stocks sank on Wednesday following hawkish comments from a Federal Reserve official, while concerns over a drought-driven power shortage in China also weighed on sentiment. Chinese stocks were among the worst performers in the region, with the bluechip Shanghai Shenzhen CSI 300 index down 1.2 percent. The Shanghai Composite index fell 1.4 percent. MSCI’s index of Asian shares outside Japan fell 0.2 percent in morning trade, on track for the index’s eight successive daily decline, if sustained. Japan’s Nikkei fell 0.6 percent.

In Currency Markets he U.S. dollar steadied just below recent peaks on Wednesday, as investors waited to hear from the Federal Reserve and pondered whether weak U.S. data may slow the pace of rate hikes. The euro briefly bought $1 in New York trade, but was back under pressure at $0.99485 in the Asia trade – barely above Tuesday’s low of $0.99005. The yen steadied at around 136.73 per dollar. The pound stood at $1.1810, after hitting a 2-1/2 year low of $1.1718 on Tuesday. The Aussie fell 0.38 percent to $0.6903, while the kiwi fell 0.42 percent to $0.6187.

In US Equity Markets stocks ended down on Tuesday as investors focused on data showing a slowing economy ahead of a U.S. Federal Reserve gathering later this week in Jackson Hole, Wyoming. The S&P 500 declined 0.22 percent to end the session at 4,128.73 points. The Nasdaq was unchanged at 12,381.30 points, while the Dow declined 0.47 percent to 32,909.59 points. Macy’s Inc rose 3.8 percent after the retailer beat quarterly profit estimates, while Palo Alto Networks Inc rose about 12 percent after the cybersecurity firm posted upbeat quarterly results and announced a stock split plan.

In Commodities Markets oil prices rose by nearly 4 percent on Tuesday after Saudi Arabia floated the idea of OPEC+ output cuts to support prices in the case of returning Iranian crude and with the prospect of a decline in U.S. inventories. Global benchmark Brent crude settled at $100.22 a barrel, up 3.9 percent. U.S. West Texas Intermediate crude closed 3.7 percent, higher at $93.74 a barrel. Spot gold was up 0.7 percent at $1,747.00 per ounce. Spot silver rose 0.5 percent to $19.10 per ounce, platinum was also up 0.5 percent at $879.94, while palladium fell 0.6 percent to $1,983.37.

In European Equity Markets stocks fell on Tuesday, extending their losing streak for a third session as investors fretted about rising energy prices and a weak economic outlook after data showed business activity in the region contracted this month. The pan-European STOXX 600 lost 0.4 percent, falling to its lowest in almost a month. Among stocks, German utility Uniper SE rose 4.0 percent after saying it would start producing electricity for the market at its Heyden 4 hard coal-fired power plant as a three-day halt in Russia’s gas supplies to Europe may cause disruptions to power supply.

In Bond Markets U.S. Treasury yields hit multi-week peaks in choppy trading on Tuesday, as investors refocused on what is anticipated to be hawkish commentary from Federal Reserve Chair Jerome Powell at this week’s central bank symposium in Jackson Hole, Wyoming. In afternoon trading, the yield on 10-year Treasury notes was up 2.8 bps at 3.0628 percent. The U.S. 30-year Treasury bond yield rose 3 bps to 3.2712 percent. The two-year U.S. Treasury yield, which typically tracks interest rate expectations, rose 3.7 bps to 3.2997 percent.