In Asian Equity Markets stocks struggled to find direction on Tuesday as investors awaited Federal Reserve Chair Jerome Powell’s appearance before the Senate Banking Committee, hoping for clues to the timing of expected policy tightening. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 percent after falling much as 0.3 percent. The Nikkei index fell 0.9 percent as trading resumed after a holiday on Monday. Australian stocks shed 0.8 percent, Taiwan added 0.3 percent and Seoul was steady. Hong Kong ticked 0.1 percent higher, and China’s 300 index shed 0.8 percent.

In Currency Markets the U.S. dollar hovered near the middle of its recent range against major peers on Tuesday as traders looked to incumbent Fed Chair Jerome Powell’s nomination hearing later in the day for new clues on the timing and pace of policy normalisation. The dollar was little changed at 115.26 yen after bouncing off a one-week low of 115.045 on Monday. The euro was about flat at $1.1341, stuck in the middle of its trading range since mid-November. Sterling was stable at $1.3594 after easing back from Monday’s two-month high of $1.36025. The Australian dollar added 0.19 percent to $0.7188.

In US Equity Markets stocks ended down but well off their lows of the day, with the Nasdaq staging a furious comeback late in the session as some investors appeared to be hunting for bargains even as they worried about rising interest rates. The Dow fell 0.45 percent, to 36,068.87, the S&P 500 lost 0.14 percent, to 4,670.29 and the Nasdaq Composite added 0.05 percent, to 14,942.83. The biggest decliners on the day were industrials which closed down 1.2 percent and materials which fell 0.99 percent. Nike shares closed down 4.2 percent after HSBC downgraded the stock to “hold.”

In Commodities Markets oil prices fell Monday as concerns about demand fears stoked by the rapid global rise in Omicron coronavirus infections overtook concerns about oil supply reduction from Kazakhstan. Brent crude fell 1.1 percent, to settle at $80.87 a barrel. U.S. West Texas Intermediate (WTI) crude was down 0.9 percent, at $78.23. Spot gold was last down 0.1 percent at $1,794.12 per ounce. U.S. gold futures fell 0.2 percent to $1,794.10. Spot silver rose 0.3 percent to $22.36, platinum fell 2.6 percent to $930.80 and palladium was down 1 percent at $1,914.68.

In European Equity Markets stocks posted their biggest one-day decrease since late November on Monday as rising bond yields weighed on the heavyweight technology sector, while the rapid spread of the Omicron COVID-19 variant also dented sentiment. The pan-European STOXX 600 closed 1.5 percent lower, with technology stocks falling 3.6 percent to a near three-month low. Regional bank stocks were the sole gainers, rising 0.2 percent. Credit Suisse rose 1.3 percent after traders cited media speculation about a possible sale or merger of the embattled Swiss bank.

In Bond Markets the benchmark U.S. 10-year Treasury yield rose to its highest level in almost two years on Monday, as investors increasingly expect the Federal Reserve will begin its tightening policy with an interest rate hike as soon as March. The yield on 10-year Treasury notes was up 0.9 basis points to 1.778 percent after climbing to 1.808 percent, its highest since Jan. 21, 2020. The yield on the 30-year Treasury bond was down 0.3 basis points to 2.113 percent. The two-year Treasury yield was up 2.8 basis points at 0.898 percent after climbing to 0.91 percent, its highest since March 3, 2020.