In Asian Equity Markets stocks to seven-week lows on Thursday after a dismaying rise in U.S. inflation bludgeoned Wall Street and sent bond yields rising on worries the Federal Reserve might have to move early on tightening. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.6 percent, though trade was thinned by holidays in a number of countries. Japan’s Nikkei fell 1.8 percent, and touched its lowest since early January, while Chinese blue chips lost 0.7 percent. The Hang Seng in Hong Kong lost 1.4 percent, while the Kospi in Seoul fell 1.5 percent.

In Currency Markets the dollar held gains on Thursday, supported by higher Treasury yields after a surprisingly strong rise in U.S. consumer prices fanned fears about an increase in inflationary pressure. The dollar traded at 109.69 yen, close to its strongest level in five weeks. Against the euro, the dollar stood at $1.2077, holding onto a 0.6 percent gain from the previous session. The British pound bought $1.4064. The dollar also traded at 0.9085 Swiss franc, close to a one-week high. The Australian dollar also held steady against its U.S. counterpart.

In US Equity Markets stocks closed lower on Wednesday with the S&P suffering its biggest one-day percentage decline since February, as inflation data fueled concerns over whether interest rate hikes from the Fed could happen sooner than anticipated. The Dow fell 1.99 percent, to 33,587.66, the S&P 500 lost 2.14 percent, to 4,063.04 and the Nasdaq Composite lost 2.67 percent. Of the 11 major sectors in the S&P 500, 10 closed in negative territory, with consumer discretionary down most. Energy was the sole gainer, advancing 0.1 percent, boosted by rising crude prices.

In Commodities Markets oil prices backed away from two-month highs, hit after U.S. crude exports fell and the International Energy Agency (IEA) said demand was already outstripping supply. Brent was off 54 cents on Wednesday at $68.78 a barrel, while U.S. crude lost 53 cents to $65.55. The rise in yields and the dollar pressured gold, which eased to $1,814 an ounce and away from a multiple-top around $1,845. Silver rose 0.5 percent to $27.16 per ounce, while platinum was up 0.4 percent at $1,214.10. Palladium gained 1.7 percent to $2,903.68 per ounce.

In European Equity Markets stocks rose on Wednesday, led by a charge in energy shares as oil prices hit two-year highs, while strong regional earnings reports and signs of speedy economic recovery offset concerns about a rapid rise in U.S. prices. The pan-European STOXX 600 index rose 0.3 percent after falling almost 2 percent on Tuesday, their worst selloff this year. London’s FTSE 100 index up 0.8 percent. The European oil & gas index jumped 2.0 percent, with shares of Royal Dutch Shell Plc , BP Plc, Paris-listed shares of TechnipFMC rising over 3.5 percent each.

In Bond Markets U.S. Treasury yields climbed on Wednesday, with the 10-year note hitting its highest level in a month, following a much stronger than expected reading on consumer prices that heightened worries the economy may be heading towards a sustained period of higher inflation. The yield on 10-year Treasury notes was up 7.1 basis points to 1.695 percent. The breakeven rate on five-year U.S. Treasury Inflation-Protected Securities (TIPS) was last at 2.734 percent. The yield on the 30-year Treasury bond was up 6.3 basis points to 2.415 percent.