In Asian Equity Markets stocks fell on Monday after hawkish comments from Federal Reserve Chair Jerome Powell showed that the central bank had no intention of slowing its pace of interest rate hikes. Bourses in Japan, Taiwan and South Korea were the worst performers in morning trade, losing over 2 percent each. China’s bluechip Shanghai Shenzhen CSI 300 index fell 0.6 percent, while Hong Kong’s technology-heavy Hang Seng index lost 0.7 percent. In the Asia-Pacific region, Australian stocks lost nearly 2 percent on continued concerns over major trading partner China.

In Currency Markets the U.S dollar rose to a 20-year high against a basket of currencies on Monday after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down rising inflation. The dollar hit 138.88 against the Japanese yen, the highest since July 21, while the offshore yuan fell to a fresh two-year low of 6.9321 per dollar. Sterling also fell to a 2-1/2-year low of $1.1656 and was last down 0.61 percent to $1.1658, while the euro fell 0.49 percent to $0.9916. The Aussie was down 0.7 percent to $0.6842, while the kiwi hit a new one-month low of $0.6103.

In US Equity Markets all three benchmarks fell on Friday more than 3 percent lower, as Fed Chief Jerome Powell’s signal that the central bank would keep hiking rates to tame inflation nixed nascent hopes for a more modest path among some investors. The S&P 500 lost 3.37 percent, to end at 4,057.66 points, while the Nasdaq Composite lost 3.94 percent, to 12,141.71. The Dow fell 3.03 percent, to 32,283.40. Dell Technologies Inc fell 13.5 percent as it joined rivals in predicting a slowdown as inflation and the darkening economic outlook prompt consumers and businesses to tighten their purse strings.

In Commodities Markets oil prices ended higher on Friday, boosted by signals from Saudi Arabia that OPEC could cut output, but trading was volatile as investors digested and ultimately shrugged off warnings from the head of the U.S. Federal Reserve about economic pain ahead. Brent crude futures rose $1.65 to settle at $100.99 a barrel. U.S. WTI crude futures rose 54 cents to settle at $93.06 a barrel. Spot gold fell 1.2 percent to $1,738.14 per ounce. Spot silver fell 2.02 percent to $18.89 per ounce. Platinum fell 2.04 percent to $863.00, and palladium fell 1.3 percent to $2,119.23.

In European Equity Markets stocks fell on Friday, with Germany in the lead as investors fretted over downbeat consumer sentiment data in the continent’s biggest economy, while a reiterated hawkish stance from Federal Reserve Chair Jerome Powell added to fears. The pan-European STOXX 600 slid 1.7 percent, closing down 2.6 percent for the week. Germany’s DAX index ended 2.3 percent lower, with a weekly fall of 4.2 percent making it its worst week in more than two months. The retail and travel & leisure sectors fell about 3.5 percent each, the most among European sectors.

In Bond Markets U.S. two-year Treasury yields briefly popped to their highest levels since October 2007 before stabilizing near two-month highs on Friday after Federal Reserve Chair Jerome Powell reiterated that the U.S. central bank will continue to raise interest rates to fight inflation. The two-year U.S. Treasury yield was up 2.9 basis points at 3.403 percent, slightly below its high for the year of 3.4350 percent in June. The yield on 10-year Treasury notes was up 0.9 basis point to 3.033 percent. The yield on the 30-year Treasury bond was down 2.7 basis points to 3.207 percent.