US indices finished yesterday’s trading lower. S&P 500 dropped 1.15%, Dow Jones moved 0.52% lower and Nasdaq slumped 2.26%. Russell 2000 dropped 2.11%

Indices from Asia are also taking a hit. Nikkei drops 1.8%, Kospi pulls back 1.1% and indices from China traded 0.8-1.3% lower. Australian S&P/ASX 200 is outperformer with 0.1% gain

DAX futures are pointing to a lower opening of the European cash session

EURUSD approaches parity levels (1.00 area). A 1.0005 area was tested overnight and again this morning but the pair failed to break below

China reported a jump in new Covid cases. Wugang city in Hunan Province was put into a 3-day lockdown.

Fed’s Bostic said that policy still remains accommodative and that economy can withstand another 75 basis point rate hike at next meeting

White House Press Secretary Karine Jean-Pierre said that another highly elevated CPI reading is expected this week amid increase in gas prices

Russia allowed operations to resume at the CPC oil terminal on Black Sea, exporting oil primarily from Kazakhstan

Cryptocurrencies are pulling back but scale of the moves is relatively small. Bitcoin drops 1% and trades near $20,000. Ethereum trades 2.6% lower and drops below $1,100

Oil, as well as other energy commodities, pulls back. Brent and WTI trade around 1.4% lower at press time

US dollar strength continues to pressure precious metals. Gold drops 0.3% while silver trades 0.6% lower

USD and JPY are the best performing major currencies while GBP and EUR lag the most

EURUSD approaches 1.00 area. Parity levels were not seen on the pair since late-2002. A looming gas crisis in Europe, that is likely to trigger recession, and ECB’s delayed tightening is playing a major role in the sell-off. EURUSD monthly interval