Equities Remained Mixed, Futures Dipped while Oil Climbed Ahed of Fed’s Minutes

Asian equities remained mixed on Tuesday as investors weighs prospect of fresh sanctions on Russia against Russia for alleged war crimes in Ukraine.

While Mainland China and Hong Kong closed on holiday, South Korea closed marginally higher while Thailand and Japan edged down marginally. The MSCI Asian Broad Market Index ex Japan is hovering over 1%.

Futures contracts in the U.S. is opened in red. The dollar index ticked down hovering around 98 while Gold edged up.

The market continuing to be shaped by developments of the war as well as tightening of the monetary policy stroked by higher inflation. The Fed minutes on Wednesday will give guidance on expected hike in rate for the rest of the year.

Business growth in Euro zone got a boost last month from re-opening of economies, according to a survey by S&P. The survey also highlighted soaring energy costs and Russia’s invasion of Ukraine threaten the recovery of the region.

On Russian front, the United States has stopped coupon payment of Russia’s latests sovereign bond, according to Reuters citing source familiar with the matter and as spokeswoman for the U.S. Treasury said. The move has put Russia on the verge of historic default.

Commodities including oil advanced on renewed fears about supply disruptions stemming from the war. U.S. WTI is trading around $104 a barrel while Brent is trading around $108 a barrel.