In Asian Equity Markets stocks fell on Friday, tracking losses on Wall Street, as lingering concerns over the Federal Reserve’s tightening and weaker-than-expected economic and earnings data weighed on sentiment ahead of a Fed policy meeting next week. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.3 percent, dragged by Australian shares which fell 2.34 percent, while Japan’s Nikkei stock index slid 1.47 percent. The moves extended to Chinese shares with the Hong Kong benchmark losing 0.75 percent and Chinese blue chips losing 0.8 percent.

In Currency Markets the safe-haven yen gained versus the riskier Australian dollar on Friday as risk sentiment soured amid rekindled fears of heated inflation and aggressive Federal Reserve policy tightening. The greenback fell 0.15 percent to 113.915 yen, a one-week low. The dollar index – which measures the currency against six rivals – was 0.03 percent higher at 95.795. The euro fell 0.06 percent to $1.1303, matching Thursday’s low, which was its weakest level since Jan. 10. Sterling lost 0.05 percent to $1.3586, nearing its lowest since Jan. 11.

In US Equity Markets stocks fell on Thursday and a rally in U.S. stocks evaporated late in the session as investors considered whether equities were bargains after a sell-off to start the year that has seen the Nasdaq fall into correction territory. The Dow fell 0.89 percent, to 34,715.39, the S&P 500 lost 1.10 percent, to 4,482.73 and the Nasdaq Composite fell 1.3 percent, to 14,154.02. Baker Hughes shares climbed 1.6 percent after the company reported an adjusted quarterly profit and topped analysts’ earnings expectations as higher energy prices fuel demand for its equipment and services.

In Commodities Markets oil edged lower on Thursday, posting slim losses after several days of strength that pushed benchmarks to seven-year highs due to concerns about tight supply. Brent crude futures settled down 6 cents to $88.38 a barrel. U.S. West Texas Intermediate (WTI) crude futures for February delivery lost 6 cents to $86.90 a barrel on the last day of the contract’s life. Spot gold rose 0.1 percent to $1,841.45 per ounce. Silver rose 2.1 percent to $24.63. Platinum rose 2.4 percent to $1,046.53 and palladium gained 3.6 percent to $2,072.62 per ounce, both having hit their highest in about two months.

In European Equity Markets stocks ended higher on Thursday with travel stocks leading gains after Ryanair expressed confidence in a recovery this year, while bond yields retreated from recent peaks, taking some pressure off equities. The pan-European STOXX 600 closed up 0.5 percent, overcoming early losses and extending a recovery into a second consecutive session. Travel stocks were the best performing European sector, rising 2.9 percent as airline shares jumped after Ryanair’s optimistic take on travel trends in 2022.

In Bond Markets U.S. Treasury yields were steady on Thursday after a rapid sell-off that sent yields to two-year highs drew buying interest. Benchmark 10-year note yields were last at 1.825 percent, after reaching 1.902 percent in overnight trading on Wednesday, which was the highest since January 2020. Yields on five-year TIPS are at minus 1.08 percent, up from minus 1.98 percent in November. Thirty-year TIPS yields are close to turning positive, however, and are currently trading at minus 0.05 percent. Yields on 10-year TIPS, or real yields, were last at minus 0.62 percent.