In Asian Equity Markets Australian shares rose for a fifth straight session on Tuesday, as miners jumped to a record high on strong commodity prices and tech stocks tracked overnight gains in their Wall Street peers. The S&P/ASX 200 index ended 0.4 percent higher at 7,490.40, touching its highest level since April 22 last year. New Zealand’s benchmark S&P/NZX 50 index fell 0.1 percent to 11,932.92. The Nikkei index rose 1.46 percent to close at 27,299.19, its highest close since Dec. 16. The broader Topix rose 1.42 percent to end at 1,972.91.
In Currency Markets the dollar was on the back foot on Tuesday, hovering near a nine-month low to the euro and giving back recent gains against the yen, as traders continued to gauge the risks of a U.S. recession and the path for Federal Reserve policy. The euro added 0.08 percent to $1.0879, taking it closer to Monday’s peak of $1.0927, the strongest since April. Elsewhere, the dollar sank 0.36 percent to 130.19 yen. Meanwhile, sterling was last trading at $1.2388, up 0.12 percent on the day. The Australian dollar rose 0.21 percent to $0.704 and the New Zealand dollar advanced 0.26 percent to $0.650.
In US Equity Markets stocks closed sharply higher on Monday, fueled by rising technology stocks as investors began an earnings-heavy week with a renewed enthusiasm for market-leading momentum stocks that were battered last year. The Dow rose 0.76 percent, to 33,629.56, the S&P 500 gained 1.19 percent, to 4,019.81 and the Nasdaq Composite added 2.01 percent, to 11,364.41. Baker Hughes Co missed quarterly profit estimates due to inflation pressures and ongoing disruptions due to Russia’s war on Ukraine. The oilfield services company’s shares lost 1.5 percent.
In Commodities Markets oil prices settled mixed on Monday, retreating as investors cashed in on a jump to a seven-week high on optimism about a possible recovery in demand of top oil importer China as the economy recovers this year from pandemic lockdowns. Brent crude settled 56 cents higher at $88.19 a barrel. U.S. WTI crude settled 2 cents lower at $81.62 a barrel. Spot gold fell 0.2 percent to $1,922.45 per ounce. Spot silver fell 2.1 percent to $23.45, platinum gained 0.4 percent to $1,047.42, while palladium was down 0.8 percent to $1,713.25.
In European Equity Markets stocks climbed on Monday, with technology firms spearheading gains, as optimism about the eurozone economy likely avoiding a steep recession overshadowed hawkish remarks from European Central Bank (ECB) officials. The pan-European STOXX 600 closed up 0.6 percent. China-exposed luxury firms such as LVMH and Kering rose between 0.8 percent and 1.7 percent while rate-sensitive euro zone banks added 0.8 percent. Remy Cointreau rose 3.3 percent after Citigroup upgraded the French spirits maker’s stock to “buy”.
In Bond Markets U.S. Treasury yields kept creeping up on Monday, further eroding a recent bond rally that some investors think was overdone in reflecting fears that the U.S. economy may soon enter a recession. The benchmark 10-year Treasury yield and two-year yields up about four and five basis points, respectively, to 3.524 percent and 4.238 percent.