In Asian Equity Markets stocks fell on Monday, extending losses from last week as concerns over rising interest rates and a potential recession in 2023 weighed on sentiment, with uncertainty over China’s economic reopening also denting regional markets. Japan’s Nikkei 225 was among the worst performers for the day, losing 1.1 percent amid renewed speculation that the Bank of Japan (BoJ) could tighten its ultra-loose monetary policy. China’s blue-chip Shanghai Shenzhen CSI 300 index fell 1.3 percent, while the Shanghai Composite index fell 1.6 percent.

In Currency Markets the yen climbed on Monday on news that the Japanese government could soon revise a joint statement with the Bank of Japan (BOJ) over the latter’s inflation target, potentially paving the way for a tweak in the BOJ’s ultra-loose monetary policy. The yen was last 0.4 percent stronger at 136.19 per dollar, after jumping more than 0.5 percent to a high of 135.78 earlier in the session. The euro gained 0.19 percent to $1.0604. The Aussie rose 0.24 percent to $0.6702, while the kiwi fell 0.11 percent to $0.6374. The U.S. dollar index fell 0.19 percent to 104.61.

In US Equity Markets stocks fell for a third straight session and suffered a second straight week of losses on Friday as fears continued to mount that the Federal Reserve’s campaign to arrest inflation would tilt the economy into a recession. The Dow fell 0.85 percent, to 32,920.46; the S&P 500 lost 1.11 percent, to 3,852.36; and the Nasdaq Composite fell 0.97 percent, to 10,705.41. Meta Platforms Inc advanced 2.82 percent after J.P. Morgan upgraded the stock to “overweight” from “neutral,” while Adobe Inc gained 2.99 percent after the Photoshop maker forecast first-quarter profit above expectations.

In Commodities Markets oil fell by more than $2 per barrel on Friday, swept up in a wider rout in global equities on fears of a looming recession, after central banks across Europe and North America signalled they will continue to battle inflation aggressively. Brent crude futures settled at $79.04 per barrel, down 2.4 percent, while West Texas Intermediate futures fell by 2.4 percent, to settle at $74.29 per barrel. Spot gold rose 0.8 percent to $1,791.59 per ounce. Spot silver was up 0.4 percent at $23.14 per ounce. Platinum lost 1.4 percent to $992.43. Palladium lost 4.3 percent to $1,713.81.

In European Equity Markets stocks slid on Friday, ending the week sharply lower after major central banks flagged further rate hikes, while economic activity data from the euro zone failed to assuage concerns of a looming recession. The Europe-wide STOXX 600 index closed 1.2 percent lower on Friday, ending the week with a loss of nearly 3.3 percent. Italy’s FTSE MIB fell 0.2 percent by close, extending losses for third straight week. UK’s blue-chip FTSE 100 fell 1.3 percent after British retail sales fell unexpectedly in November as high borrowing costs eat into household finances.

In Bond Markets U.S. Treasuries were mixed on Friday, with longer-term bond yields rising in line with global bonds, while short-term paper continued to challenge the Federal Reserve’s guidance on protracted monetary policy tightening. On Friday, benchmark 10-year yields were up three basis points (bps) to 3.48 percent and 30-year yields rose by four basis points to 3.533 percent. Two-year yields, which tend to more closely reflect monetary policy expectations, were down about six basis points to 4.182 percent.