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Oil prices rebounded back above $100 a barrel while Asian stocks fell on Tuesday, after a punitive day in which inflation concerns and lockdowns in China weighed on global equity markets.
Brent crude, the international oil benchmark, was up 1.9% to $100.33 a barrel, while U.S. West Texas Intermediate crude was up 2.4% to $96.57.
On the stock market, Hong Kong’s Hang Seng index fell 0.9%, China’s CSI 300 fell 0.4%, Japan’s Topix fell 1.3% and South Korea’s Kospi fell 1.3%.
Tuesday’s moves followed a global slump driven by stock, bond and oil prices the previous day, with benchmark stock indexes in Hong Kong and China both falling 3% and Brent oil prices falling below $100 as investors worry about strict lockdown measures in China.
US stocks also fell, with Wall Street’s benchmark S&P 500 index losing 1.2% and the Nasdaq Composite dropping 2.2%.
European futures fell on Tuesday, with the FTSE 100 contract down 0.7% and the Euro Stoxx 50 down 1.2%.
Yields on 10-year US Treasuries, which are inversely proportional to prices and underpin global borrowing costs, rose 0.03 percentage points to 2.8%, after rising in Yesterday.
