INTERNATIONAL: The CSX Index is currently at 504.63 Points down 1.12 Points or 0.22%
The Daily Exchange Rate: is 4,062 KHR to the USD$
GLOBAL STOCKS FALL, U.S. YIELDS RISE AS OIL PRICES REACH NEW HIGHS.
Global equity markets dipped while U.S. Treasury yields rose sharply on Tuesday as investors weighed the prospects of higher inflation following a phased ban of Russian oil imports by the European Union that has lifted crude prices to new highs.
Oil prices reached new highs on Tuesday following the EU announcement, with benchmark Brent crude rising 0.96% to $122.84 a barrel after earlier rising to $124.64 - its highest since March 9.
Brent crude contracts for August, however, settled down 1.7%, at $115.60 a barrel, after members of Organization of the Petroleum Exporting Countries (OPEC) were reported to be considering suspending a production deal with Russia.
U.S. West Texas Intermediate (WTI) crude was also down 0.06% trading at $115.02 a barrel, reversing earlier trading gains.
The MSCI world equity index (.MIWD00000PUS), which tracks shares in 50 countries, was down 0.61%. The pan-European STOXX 600 index fell 0.72%.
U.S. Treasury yields rose, with most maturities hitting one-week highs, as inflation concerns dominated trading after euro zone inflation climbed to a record high this month.
Treasury yields also rose, driven in part by hawkish comments from Federal Reserve Governor Christopher Waller on Monday. Waller said he is advocating keeping 50-basis-point rate hikes on the table until substantial reductions are seen in inflation, winding back expectations that the Fed might pause for breath after hikes in June and July.
Benchmark 10-year yields gained to 2.8622% .
On Wall Street, all three main indexes closed lower, driven by healthcare, technology, energy and industrial sectors. The Dow Jones Industrial Average (.DJI) fell 0.67% to 32,990.12, the S&P 500 (.SPX) lost 0.63% to 4,132.15 and the Nasdaq Composite (.IXIC) dropped 0.41% to 12,081.39.
The U.S. dollar strengthened across the board on Tuesday as Treasury yields climbed and worries over a further acceleration in global inflation depressed investors' risk appetite.
The dollar index, which tracks the greenback against six major currencies, was up 0.345% to 101.770. The euro was down 0.41% to $1.0733.
Safe-haven gold fell 1%, making it the second consecutive month of declines, pressured by a rise in the dollar and U.S. Treasury yields that dented the metal's appeal despite concerns over surging inflation.
Spot gold dropped 1.0% to $1,837.30 an ounce. U.S. gold futures fell 0.99% to $1,833.00 an ounce.
STOCKS STRUGGLE, DOLLAR GAINS AS INFLATION HITS RECORDS.
Stocks and bonds struggled in Asia on Wednesday while the U.S. dollar rose as investors worried about inflation and the hit that containing it with rate rises will bring to global growth.
Shanghai emerged blinking from two months of lockdown but as data showed steep falls in factory activity across Asia from the withering of China's demand, relief was short-lived.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was dragged 0.7% lower by a 1% drop for Hong Kong's Hang Seng index (.HSI). Japan's Nikkei (.N225) rose 0.6%.
S&P 500 futures were last up 0.4%, but had given up larger early gains. Euro STOXX 50 futures rose 0.5%, as did FTSE futures.
Soaring food and energy costs drove eurozone inflation to a record-high 8.1% in May, Tuesday figures showed, stoking concern about rate rises not just in Europe but globally.
"Markets are pricing in rate hikes in June from the UK, U.S., Sweden, Australia and Canada," said Societe Generale analyst Kit Juckes.
"The more the markets focus on the inflation data and central bank action, the more likely it is that we have a bumpy start to the summer in risk sentiment and a strong one for the dollar."
The dollar has arrested a three-week slide and made a two-week high of 129.23 yen late in the Asia session. It rose on the euro, sterling, Aussie and yuan and last traded at $1.0708 per euro and $0.7170 on the Aussie .
Two-year German bund yields hit their highest in over a decade on Tuesday and benchmark 10-year Treasury yields rose 10 basis points (bps). They were steady at 2.8694% late in Tokyo trade.
The Bank of Canada is expected to raise its benchmark target rate 50 bps to 1.5% when it meets later in the day.
