In Asian Equity Markets stocks scaled their highest levels in seven months on Wednesday after some regional markets reopened after holidays, and the Australian dollar hit multi-month highs as rising inflation made higher interest rates more likely. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 percent to a seven-month high but traded below the day’s peak. South Korean shares gained 1.3 percent, Nikkei put on 0.4 percent and Singapore jumped 1.6 percent. Australian equity markets fell 0.3 percent on Wednesday.

In Currency Markets the Australian dollar rose on Wednesday after inflation data came in hotter than expected, bolstering the case for further rate increases, while the euro gained on optimism over the euro zone economic outlook. The Aussie jumped more than 0.8 percent to $0.7108, its highest level since August, after a shock spike in inflation to a 33-year high last quarter spurred bets that the RBA would need to continue raising rates. The kiwi slid nearly 0.6 percent to $0.6469. The euro rose 0.05 percent to $1.0894. Sterling fell 0.15 to $1.2322, while the Japanese yen last bought 130.53 per dollar.

In US Equity Markets the S&P 500 ended nominally lower on Tuesday at the close of a rocky session marked by a raft of mixed earnings and a technical malfunction at the opening bell. The Dow rose 0.31 percent, to 33,733.96, the S&P 500 lost 0.07 percent, to 4,016.95 and the Nasdaq Composite fell 0.27 percent, to 11,334.27. Industrial conglomerates 3M Co and General Electric Co both provided underwhelming forward guidance due to inflationary headwinds. 3M’s shares lost 6.2 percent while General Electric’s rose 1.2 percent.

In Commodities Markets crude oil prices fell on Tuesday on concerns about a global economic slowdown and as preliminary data indicated a bigger than expected build in U.S. oil inventories. Brent futures for March delivery fell 2.3 percent, to $86.13 a barrel. U.S. crude fell 1.8 percent, to $80.13 per barrel. Spot gold rose 0.2 percent to $1,934.82 per ounce, hitting its highest since late April 2022 earlier in the session. Elsewhere, spot silver gained 0.8 percent to $23.63 per ounce. Platinum jumped 1 percent to $1,057.13 while palladium was up 2.2 percent to $1,741.75.

In European Equity Markets stocks fell on Tuesday as an improvement in economic activity in the euro zone spurred speculation the ECB might have more room to raise interest rates to tackle inflation. The pan-European STOXX 600 index was down 0.2 percent at the close, but was off its session lows. Logitech International gained 3.4 percent after the computer peripherals maker said it expects the downturn in spending by business customers which hit its third quarter sales to be temporary. Among STOXX 600 sectors, healthcare and energy stocks led declines, falling over 1 percent each.

In Bond Markets U.S. Treasury yields were lower in choppy trading on Tuesday, as investors looked to next week’s Federal Reserve policy meeting that is widely expected to deliver a smaller 25 basis-point rate increase. The yield on 10-year Treasury notes declined by about six basis points on Tuesday to 3.465 percent while U.S. 30-year Treasury bond yields were down seven bps to 3.619 percent. U.S. two-year note yields fell by about eight basis points after the auction to close at 4.212 percent, down about three bps from Monday.