APAC equities were again mixed with Nikkei +0.1%, Hang Seng -1.1%, and Shanghai Comp +0.2%. Equity markets are broadly lower in Europe and U.S. future down 0.3%. In FX, USDJPY rose to a four-year high of 115.15. EUR received a minor bid from stronger PMI figures and hawkish comments by ECB’s Isabel Schnabel on inflation risks. Oil prices are down again, with Brent at $78.50 per barrel amid a battle over who will dominate the supply narrative. Several countries, including the U.S., India, and China, said they would start tapping their strategic reserves to alleviate the recent price pressures. OPEC+ has counterattacked by stating they could respond by reconsidering increasing production quotas, as originally planned. The backwardation of the crude curve is also being quickly removed as prices for shorter contracts fall faster than longer-dated ones.