Markets update — Yen fell, Mining stocks gain, wheat rises, corn and soybean ease

Markets update — Yen fell, Mining stocks gain, wheat rises, corn and soybean ease

RIYADH: Gains in banks, energy, and mining stocks lifted Asian equities slightly higher on Tuesday as investors braced for aggressive US rate hikes and war disrupting oil supplies. The yen fell through the psychological 120 level against the dollar for the first time since 2016, and Treasuries extended losses after the US Federal Reserve Chairman Jerome Powell on Monday flagged a more aggressive tightening of monetary policy than previously anticipated. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, led by gains in Australia’s miner-and-bank heavy index, which hit a two-month high. Gold prices held steady on Tuesday as US Treasury yields hit multi-year highs following an aggressive inflation stance by the Federal Reserve chairman, while an intensifying conflict between Russia and Ukraine supported bids for the safe-haven metal. Spot gold was flat at $1,936.82 per ounce by 0347 GMT. US gold futures were up 0.4 percent at $1,937.30. Chicago wheat futures rose more than one percent on Tuesday. The market gained a second session as expectations of a protracted Russia-Ukraine war heightened concerns over global supplies. Corn and soybeans ticked lower, giving up some of the last session’s substantial gains. The most-active wheat contract on the Chicago