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US: U.S. equities tumbled on Monday, with the S&P 500 confirming it is in a bear market, as fears grow that the expected aggressive interest rate hikes by the Federal Reserve would push the economy into a recession.

Asia: Shares in Asia-Pacific fell in Tuesday morning trade after the S&P 500 fell overnight and closed in bear market territory.

India:A global rout in world equities engulfed Indian stocks on Monday as investors across the world shunned risky assets. Meanwhile, bond yields rose and emerging markets' currencies hit fresh lows against the US dollar

Market is expected to open gap down and likely to witness selling pressure during the day.

Global Economy: U.S benchmark 10-year Treasury yields hit their highest level since 2011 on Monday, and a key part of the yield curve inverted for the first time since April as investors braced for the prospect that the Federal Reserve’s attempts to stem soaring inflation will dent the economy. Two-year yields reached 3.283%, the highest since December 2007. Five-year yields rose to 3.489%, the highest since July 2008, Benchmark 10-year yields hit 3.381%, the highest since April 2011

Two-year yields reached 3.283%, the highest since December 2007. Five-year yields rose to 3.489%, the highest since July 2008, Benchmark 10-year yields hit 3.381%, the highest since April 2011. The European Central Bank said last week it is likely to raise its deposit rate by 25 basis points in July and warned that a larger increase in September would be necessary unless the outlook for inflation - which hit its highest in 23 years since the euro's creation last month - improved.

Commodities:Oil prices seesawed in positive and negative territory on Tuesday, holding up despite recession fears and potential new COVID-19 curbs in China that could dampen demand as the market remains tightly supplied.

Gold prices hovered near a four-week low on Tuesday, as a strong dollar countered safe-haven demand fuelled by economic slowdown fears amid prospects of aggressive monetary policy tightening

Currency: The U.S. dollar stood by a fresh 20-year peak on Tuesday and just about everything else nursed losses as investors braced for aggressive Federal Reserve rate hikes and a possible recession.

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