In Asian Equity Markets stocks were mostly up on Wednesday morning while bonds fell after U.S. Federal Reserve Chair Jerome Powell signaled an interest rate hike liftoff, vigilance on inflation, and economic resilience. China’s Shanghai Composite was up 0.27 percent while the Shenzhen Component fell 0.58 percent. Hong Kong’s Hang Seng Index gained 0.57 percent. Japan’s Nikkei 225 rose 0.73 percent, with the country’s services PMI at 44.2 for February. South Korea’s KOSPI jumped 1.37 percent and in Australia, the ASX 200 rose 0.69 percent.

In Currency Markets the euro was pinned near a 21-month low on Thursday by worries that Russia’s invasion of Ukraine will hurt European growth, while commodity currencies hit multi-week highs as export prices rose. The euro was last at $1.1097 in the Asia session, only a little above its overnight trough of $1.1058, its lowest since May 2020. The Australian dollar was holding firm at $0.7300. Havens such as the yen and Swiss franc have been supported, though they fell overnight with strength from the dollar and riskier currencies. The yen last traded at 115.67 per dollar. The U.S. dollar index sat at 97.502.

In US Equity Markets stocks ended sharply higher on Wednesday after Federal Reserve Chair Jerome Powell signaled the central bank would likely raise interest rates less than some investors had feared. The Dow rose 1.79 percent to end at 33,891.35 points, while the S&P 500 gained 1.86 percent to 4,386.54. The Nasdaq Composite climbed 1.62 percent to 13,752.02. The Philadelphia Semiconductor Index jumped 3.4 percent, lifted by an 8.2 percent jump in Micron Technology. Nordstrom Inc rose 38 percent after the department store chain forecast upbeat full-year revenue and profit.

In Commodities Markets oil rose on Wednesday, extending its rally since Russia invaded Ukraine seven days ago, on expectations that the market will remain short of supply for months to comefollowing sanctions on Moscow and a flood of divestment from Russian oil assets by major companies. Brent crude futures peaked at $113.94 a barrel during the session, before settling at $112.93, up 7.6 percent. U.S. WTI crude futures hit a high of $112.51 a barrel, and closed 7 percent, higher at $110.60. Spot gold was down 1.1 percent at $1,921.56 per ounce. Spot silver fell 0.9 percent to $25.14.

In European Equity Markets stocks reversed earlier falls to close higher on Wednesday as rising commodity prices lifted energy and mining shares on fear of supply constraints due to crippling sanctions against Russia over its invasion of Ukraine. The pan-European STOXX 600 index ended the day 0.9 percent higher. Carmakers lost 1.6 percent as they struggled to obtain crucial wire harnesses as the Russian attack has shuttered suppliers in western Ukraine, forcing them to curtail production. Volkswagen and BMW lost more than 2 percent each.

In Bond Markets U.S. Treasury yields rose from eight-week lows on Wednesday as Federal Reserve Chairman Jerome Powell supported the U.S. central bank raising rates this month, while being flexible in response to the Russia-Ukraine war’s impact on the economy. The benchmark 10-year yield rose 14 basis points to 1.854 percent and is on track for the largest one-day rise since February 2021. The two-year yield rose 19 basis points to 1.498 percent, after falling to 1.261 percent on Tuesday, the lowest since Feb. 4.