SINGAPORE — Asia-Pacific markets were set to inch higher Tuesday following a quiet day on Wall Street where the U.S. markets were closed for a public holiday.

Australia’s ASX 200Early trade saw a gain of 0.21% Meanwhile, NikkeiFutures indicated a slightly higher open for Japan in the early hours of the hour.

Tapas Strrickland is the director of economics for National Australia Bank. He says global interest rates have continued to climb in response to expectations that central banks will tighten faster.

“The markets have fully priced four US Fed rate hikes in 2022. However, the September date for the first ECB rate increase has been moved forward.” China is the exception with [People’s Bank of China] cutting rates by 10bps yesterdayamid uncertain growth outlook,” he said in a Tuesday morning letter.

Chinese President Xi JinpingWe warn against an increase in interest rates that occurs on Monday, which could impede the global recovery after the coronavirus pandemic.

“If major countries slammed on the brakes, or made a U-turn with their monetary policies there would be severe negative spillovers,” Xi told via videoconference. The Davos Agenda virtual event.

He stated, “They would pose threats to global economic, financial stability, while developing countries would bear most of it.” According to an English translation of his remarks.

He is also called for countries to move away from a “Cold War mentality,”It is a fact that history repeatedly shows that confrontation leads to terrible repercussions.

Asia market’s reaction was muted in the last session. official data out of ChinaAccording to a report by, the 2nd-largest country in the world experienced accelerated growth between October and Dec.

Strickland stated that China’s outlook was “much less uncertain” and that China’s zero-Covid strategy is “dragging the economy.” He also pointed out the problems with the property sector and the lack of momentum it has gained due to its zero-Covid policy.

The currency market is dominated by the U.S. dollarComparing to a basket of peers, the price traded at 95.251 fractionally higher.

The Japanese yenIt was at 114.61 and little had changed since its last close. The Australian dollarAlso, the price was relatively flat at $0.7209

Oil prices rose during Asian trading, U.S. crudeThe price of a barrel rose 0.54% to $84.27

Monday’s oil market report by the Organization of the Petroleum Exporting Countries or OPEC will be released. Traders should monitor for any signs of a drop in global oil demand due to the rise of Covid cases across the world.