Global Event Update

Global Event Update

¾  U.S. stock futures were steady in overnight trading on Tuesday following a sell-off on Wall Street triggered by surging bond yields. Bond yields continued their year-to-date climb on Tuesday with the 10-year Treasury topping 1.87%, its highest level in 2 years. Investors are preparing for the possibility of more aggressive tightening by the Federal Reserve. Earnings continue with 33 S&P 500 companies that have reported quarterly results, nearly 70% have topped Wall Street’s expectations.

¾  European stocks closed lower on Tuesday, as investors reacted to developments in the oil and bond markets. European markets have been focused of late on assessing the potential speed and trajectory at which the Fed will move to hike interest rates and tighten its ultra-loose pandemic-era monetary policy.

¾  Asia-Pacific markets traded mixed on Wednesday following an overnight sell-off on Wall Street.

¾  Oil prices hit a seven-year high overnight after Yemen’s Houthi rebels claimed responsibility for a deadly attack in Abu Dhabi earlier this week, leading to fresh tensions in the region. International benchmark Brent crude futures advanced 1.19% to $87.51 per barrel, while U.S. West Texas Intermediate futures settled 2.43% higher at $85.43 per barrel