Banks, energy and mining lead Asian market gains

Hong Kong — Gains in banks, energy and mining stocks lifted Asian equities a little higher on Tuesday as investors braced for aggressive US rate hikes and war disrupting oil supplies.The yen fell through the key 120 level against the dollar for the first time since 2016 and treasuries extended losses after US Federal Reserve chair Jerome Powell on Monday flagged a more aggressive tightening of monetary policy than previously anticipated.

Meanwhile, “investors are coming to terms with the fact that the developed markets' central banks would normalise monetary policy”, he said. Treasuries and US stock futures remained on edge, with S&P 500 futures down 0.3% and rates-sensitive Nasdaq 100 futures down 0.4%. Benchmark 10-year Treasury yields hit an almost three-year high of 2.3330%.The Japanese yen, also sensitive to rising US rates, fell past 120-per-dollar briefly and last bought 119.90.

Meanwhile, a lack of progress in the Russia-Ukraine peace negotiations continued to weigh on sentiment. Conflict raged on as Ukraine said on Monday it would not obey ultimatums from Russia after Moscow demanded it stop defending besieged Mariupol.

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