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Now a look what else is happing in finance around the world.

STOCKS REBOUND ON TARGET INFLATION ANGLE; BOND YIELDS SLIP

World shares rebounded on Tuesday on the notion inflation may be peaking after Target Corp said it would offer deep discounts to clear inventory as consumers change their shopping habits, while Treasury yields fell after a surprise rate hike in Australia.

Target (TGT.N), a major retail chain, cut its quarterly profit margin forecast and said it would mark down prices in the second quarter in a surprise revision that sent shares of the retailer 2.31% lower.

Target, along with Walmart (WMT.N), had reported a much steeper-than-expected drop in quarterly profit in May, roiling the retail industry. The retail sector (.SXRP) of the pan-European STOXX index (.STOXX) on Tuesday closed down 0.94%.

The MSCI's benchmark for global stocks (.MIWD00000PUS) gained 0.40%, while the STOXX 600 index (.STOXX) fell 0.28% - before the idea that Target aids the inflation fight took hold.

(.SPX) gained 0.95% and the Nasdaq Composite (.IXIC) added 0.94%.

The Reserve Bank of Australia overnight raised rates by 50 basis points - the most in 22 years - and flagged more tightening ahead as it moves to restrain inflation.

In foreign exchange markets, the dollar index fell 0.146%, with the euro up 0.09% to $1.0704 on expectations of a hawkish ECB tilt.

The U.S. currency rose to its highest since 2002 against the yen and was last up 0.57% after the Bank of Japan governor promised support for the economy and easy monetary policy even as prices start to rise. read more

Sterling was last trading at $1.2592, up 0.49% on the day.

The Australian dollar gained as much as 0.76% just after the supersized RBA rate hike, but quickly shed gains to trade flat on the day.

Oil prices gained about 1%, with U.S. crude closing at a 13-week high, on supply concerns, including the lack of a nuclear deal with Iran and the prospect of higher demand after China relaxes lockdowns imposed to control the coronavirus pandemic.

U.S. crude futures rose 91 cents to settle at $119.41 a barrel, while Brent settled up $1.06 at $120.57.

Gold rose as the dollar gave up some gains, while investors positioned for U.S. inflation readings later this week for cues on the Fed's interest rate hike trajectory.

U.S. gold futures settled 0.5% higher at $1,852.10 an ounce.

Asian equities' valuations dropped to a more than two-year low at the end of May, as regional shares were hit by concerns over monetary tightening measures by major central banks and supply chain disruptions.

The MSCI Asia-Pacific index's (.MIAP00000PUS) forward 12-month price-to-earnings ratio (P/E) stood at 12.6 at the end of last month, the lowest since March 2020, according to Refinitiv data.

The data showed the MSCI World index's (.MIWD00000PUS) P/E stood at 15.3 at the end of last month, pushing its valuation premium over the MSCI Asia-Pacific to 21%, much higher than the 10-year average of 14.8%.

Singapore-based private securities platform ADDX said it has become the first financial firm in the city-state to recognise cryptocurrency in their assessment of assets of high-net worth clients.

Under Singapore's regulations, individuals need to have at least S$300,000 ($217,991.57) of income from the past 12 months, S$1 million in net financial assets or S$2 million in net personal assets to qualify as accredited investors.

PayPal Holdings Inc (PYPL.O) said on Tuesday it will now allow users to transfer cryptocurrencies including bitcoin to external wallets, nearly two years after the fintech giant opened up its platform to digital currencies.

Users had been requesting for the new feature since the company permitted buying and selling of crypto, PayPal said. Shares of the company were up 0.3% at $87.08.

Since last year, the crypto market has seen a surge of investor interest with large venture investors, celebrities and blue-chip companies doubling down on crypto investments. However, the prices of such currencies have remained volatile, dimming their appeal as a hedge against inflation.