In Asian Equity Markets stocks extended a global rally on Wednesday as strong U.S. corporate earnings and the expected resumption of Russian gas supply to Europe helped lift sentiment and ease fears of a recession, while the dollar was mired near two-week lows. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.1 percent in early Asia trade, driven by a 1.5 percent jump in resources-heavy Australia, a 1.1 percent gain in South Korean shares and 1.5 percent jump in Hong Kong stocks. Japan’s Nikkei rose 2.1 percent.

In Currency Markets the U.S. dollar retreated on Wednesday as the euro extended its overnight bounce on relief Europe might be able to avoid the worst fears concerning energy shortages, and on the chance the European Central Bank may deliver a more aggressive rate hike. The euro was up nearly 0.2 percent in the early Asia trade to $1.0239, having posted its strongest daily gain in a month of 0.75 percent overnight. The Aussie was steady at $0.69055. Sterling likewise advanced 0.15 percent to $1.20145. The U.S. dollar index was down 0.08 percent to 106.58, well off its two-decade peak of 109.29 last week.

In US Equity Markets stocks rose on Tuesday as more companies joined big banks in reporting earnings that beat forecasts, offering respite to investors worried about higher inflation and a tightening Fed denting the corporate bottomline. The Dow rose 2.43 percent, to 31,827.05, the S&P 500 gained 2.76 percent, to 3,936.69 and the Nasdaq Composite added 3.11 percent, to 11,713.15. Shares of Halliburton rose 2.1 percent after the oilfield services provider posted a 41 percent increase in quarterly adjusted profit. Toymaker Hasbro Inc gained 0.7 percent after reporting quarterly profit ahead of expectations.

In Commodities Markets oil prices rose about 1 percent, with global benchmark Brent settling at a two-week high in volatile trade on Tuesday as traders worried about tight supplies and a weaker dollar. Brent futures rose 1.0 percent, to settle at $107.35 a barrel. U.S. West Texas Intermediate (WTI) crude rose 1.6 percent, to settle at $104.22. Spot gold was up 0.1 percent at $1,710.13 per ounce. U.S. gold futures settled mostly unchanged at $1,710.70. Spot silver rose 0.4 percent to $18.74 per ounce. Platinum gained 1.1 percent to $871.97, while palladium added 1 percent to $1,872.66.

In European Equity Markets stocks hit more than a five-week high on Tuesday after a report that Russian gas flows to Europe via the Nord Stream 1 pipeline are seen restarting on time allayed some concerns about an energy supply crunch on the continent. The pan-European STOXX 600 index closed 1.4 percent up at its highest level since June 10. Germany’s DAX rose 2.7 percent, the most among the regional indexes. Shares of EDF jumped 14.7 percent after the French government offered to pay 9.7 billion euros to take full control of the power company in a buyout deal.

In Bond Markets U.S. bond yields rose on Tuesday as prices were pressured lower by upbeat sentiment toward equities, with the 10-year Treasury yield hovering near 3 percent throughout the session. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 6.7 basis points at 3.227 percent. The yield on 10-year Treasury notes was up 5 basis points to 3.010 percent. The yield on the 30-year Treasury bond was up 3.6 basis points to 3.171 percent.