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Market Review

US: U.S. stock futures were flat Monday night as the Nasdaq Composite and the S&P 500 snapped a four-day negative streak, in what has been a losing month for all the major averages.

Asia: Asia-Pacific markets largely rose even as yields of U.S. 10- year Treasury bonds hit levels not seen in over a decade.

India: On Monday, domestic equity indices, Sensex and Nifty ended with decent gains, snapping a two day losing streak. Market is expected to open with on flattish note and is likely to remain range bound during the day.

Global Economy: China's major state-owned banks have been active in both onshore and offshore foreign exchange markets in recent weeks to arrest rapid yuan declines. The state banks were spotted mopping up offshore yuan liquidity on Monday. China's yuan has lost more than 5% against the dollar to 7.2846 per dollar, becoming one of the worst performing Asian currencies. The PBOC continued its weeks-long trend of setting the yuan midpoint firmer than market projections, which pointed to Beijing's discomfort over the yuan's recent persistent weakness. Mortgage rates jumped Monday, following a rise in bond yields. Mortgage rates soared to the highest level since November 2000, crushing affordability for potential homebuyers. The average rate on the popular 30-year fixed mortgage hit 7.48%, according to Mortgage News Daily. The average on the 30-year fixed last year at this time was around 5.5%.

Commodities: Gold prices firmed above recent lows on Tuesday, with the non-yielding asset holding ground despite U.S. Treasury yields powering to nearly 16-year highs as investors look ahead to central bankers' meeting this week for clues on interest rates. Oil prices were up in early trade on Tuesday ahead of data later expected to show a draw in U.S. crude oil and gasoline inventories, though persistent concerns over a slowdown in China's economy limited the upside.

Currency: The U.S. dollar held close to a 10-week peak versus a basket of major peers, and near its highest since November against the yen, as Treasury yields rose made fresh postfinancial crisis highs on Tuesday amid speculation U.S. rates will be stay high for longer.

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