In Asian Equity Markets stocks fell on Monday as concerns over U.S. curbs on Chinese semiconductor imports were worsened by a report that Apple was planning to drop Chinese chips, while fears of sharp interest rate hikes by the Federal Reserve also weighed. China’s bluechip Shanghai Shenzhen CSI 300 index fell 0.4 percent, while the Shanghai Composite index lost 0.1 percent. Japan’s Nikkei 225 index fell 1.4 percent, while India’s Nifty 50 index shed 0.2 percent. The S&P/ASX 200 index fell 1.5 percent. The Hang Seng index fell more than 1 percent.

In Currency Markets sterling inched cautiously higher following British Prime Minister Liz Truss’s partial reversal of her government’s economic plan, while the yen was pinned near a 32-year low as markets awaited signs of intervention from Japanese authorities. The pound gained 0.42 percent to $1.1225. Meanwhile, the yen last bought 148.75 per dollar, not far off its 32-year low of 148.86 hit on Friday. The euro was up 0.17 percent at $0.97395. The Aussie gained 0.45 percent to $0.6231, while the kiwi traded 0.35 percent higher at $0.55815.

In US Equity Markets stocks fell on Friday as worsening inflation expectations kept intact worries that the Federal Reserve’s aggressive rate hike path could trigger a recession, while investors digested the early stages of earnings season. The Dow fell 1.34 percent, to 29,634.83, the S&P 500 lost 2.37 percent, to 3,583.07 and the Nasdaq Composite lost 3.08 percent, to 10,321.39. Tesla Inc fell 7.55 percent following media reports that the electric vehicle maker has put on hold plans to launch battery cell production at its plant outside Berlin due to technical issues.

In Commodities Markets oil prices plummeted more than 3 percent on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target. Brent crude futures fell 3.1 percent, to settle at $91.63 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 3.9 percent, to $85.61. Spot gold had fallen 1.3 percent to $1,643.90 per ounce. Silver fell 3.5 percent to $18.22 per ounce. Platinum fell 0.3 percent to $893.99 per ounce, while palladium fell 4.9 percent to $2,003.38.

In European Equity Markets stocks gained on Friday marking an upbeat end to the week, helped by an initial boost after the British government’s turnaround on tax cuts, but this faded due to continued uncertainty about its fiscal stance. The region-wide STOXX 600 index closed up 0.6 percent, building on Thursday’s rally but was still off session highs hit immediately after British Prime Minister Liz Truss announced the scrapping of parts of the government’s fiscal programme. London’s blue-chip FTSE 100 also came off session highs and ended up 0.1 percent.

In Bond Markets Longer-end U.S. Treasury yields fell on Friday, even in the aftermath of a red-hot inflation print, as investors took heart that a potential revision to the new British government’s spending plans may stem the contagion from a rout in the gilts market. The yield on 10-year Treasury notes was down 1.6 basis points at 3.938 percent, while the yield on the 30-year Treasury bond was down 2.4 basis points at 3.910 percent. The two-year U.S. Treasury yield was last down 1 basis point at 4.439 percent.