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Markets Watch The Surge In Oil, Yields As Inflation Concerns Weigh

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Amidst the surge in crude oil prices and bond yields, markets are looking for monetary policy cues from the IMF's Debate on The Global Economy on Thursday to be attended inter alia by the Federal Reserve Chair and ECB President. Investors also await political cues from the French presidential election debates as well as President Biden's update on the Ukrainian situation, on Thursday. Primarily weighing on the investor sentiment are the factors pushing up inflation worldwide, including the geopolitical tensions, and the tools that the central banks would invoke in its retaliatory combat.

Chinese stock market indexes bore the brunt of the anxiety over the Covid situation and the agonizing wait for further easing measures from the Peoples Bank of China. Other Asian benchmarks mostly gained. European markets are trading mixed. American stock futures indicate positive opening.

The Dollar Index retreated from the 2-year highs. Bond yields continued to price in a front-loaded interest rate hike by the Federal Reserve in the May meeting. Brent crude prices surged and ranged between $104.65 and $109.11, as outages in Libyan oilfields, a potential EU ban on Russian oil and the fall in U.S. crude inventories reignited supply concerns. Subdued safe-haven demand and surging bond yields kept the yellow metal under pressure. Cryptocurrencies hovered near the flat-line.

Here is a snapshot of the world markets at this hour across stocks, currencies, bonds, commodities and cryptocurrencies.

Stock Indexes:

DJIA (US30) at 35,338.80, up 0.51%
S&P 500 (US500) at 4,491.50 up 0.72%
Germany's DAX at 14,498.51, up 0.95%
U.K.'s FTSE 100 at 7,619.40, down 0.13%
France's CAC 40 at 6,711.16, up 1.30%
Euro Stoxx 50 at 3,932.35, up 0.91%
Japan's Nikkei 225 at 27,553.06, up 1.23%
Australia's S&P ASX 200 at 7,592.80, up 0.31%
China's Shanghai Composite at 3,079.81, down 2.26%
Hong Kong's Hang Seng at 20,662.50, down 1.35%

Currencies:

EURUSD at 1.0923, up 0.67%
GBPUSD at 1.3058 down 0.07%
USDJPY at 128.10, up 0.18%
AUDUSD at 0.7448, down 0.02%
USDCAD at 1.2471, down 0.21%
Dollar Index at 99.95, down 0.44%

Ten-Year Govt Bond Yields:

U.S. at 2.875%, up 1.36%
Germany at 0.9270%, up 7.42%
France at 1.388%, up 3.04%
U.K. at 1.9640%, up 2.40%
Japan at 0.247%, down 1.40%

Commodities:

Crude Oil WTI Futures (Jun) at $103.36, up 1.14%
Brent Oil Futures (Jun) at $108.25, up 1.36%
Gold Futures (Jun) at $1,948.85, down 0.35%

Cryptocurrencies:

Bitcoin at $41,878.01, up 1.08%
Ethereum at $3,098.96, up 0.01%
BNB at $420.63, down 0.30%
XRP at $0.7492, down 2.08%
Solana at $106.99, down 0.40%

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