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A steepening curve typically signals expectations for stronger economic activity, higher inflation, and higher interest rates. A flattening curve can mean investors expect near-term rate hikes and are pessimistic about economic growth.

Hardening global crude prices together with rupee depreciation suggest retail inflation is likely to remain elevated. The base effect also contributed to the May number.

This is the first time that Sequoia has demarcated allocations separately for India and Southeast Asia (SEA), a geography where it has been active over the past five-six years with bets like GoTo (the combined entity of GoJek and Tokopedia), One Championship and Zilingo.

"The breach of 16,000 has opened up the likelihood of the Nifty going to 15,500 and even 15,200," said Rajesh Palviya, head, technicals and derivatives, Axis Securities. "It will continue to be a sell-on-rise market with the new resistance being 16,000." The Nifty has fallen almost 9.2% so far in 2022 and is down 14.6% from its all-time high in October 2021.

"The U.S. will see rate rises faster and higher than Wall Street has been expecting," James Rosenberg, Ord Minnett advisor in Sydney told Reuters. "There will likely be the double impact of earnings forecasts being trimmed and further price to earnings derating."

The U.S. dollar index scaled a two-decade peak of 105.29 and was hovering just below that in early Asia trade. The euro sat at its overnight low of $1.0405, while the Aussie steadied at $0.6943. [AUD/]

All the major S&P sectors were sharply lower, with only 5 components of the S&P 500 in positive territory on the day. Markets have been under pressure this year as climbing prices, including a jump in oil prices due in part to the war in Ukraine, have put the Fed on track to take strong actions to tighten its monetary policy, such as interest rate hike.

Elon Musk will speak to Twitter Inc employees this week for the first time at a company-wide meeting since launching his $44 billion bid in April, a source said on Monday, citing an email from Twitter Chief Executive Parag Agrawal to staff.

The EPFO invests in equities through Exchange Traded Funds (ETFs) tracking the Sensex and Nifty operated by SBI Mutual Fund and UTI Mutual. EPFO does not invest in actively managed equity mutual fund schemes or directly in stocks.

The benchmark gauge may correct a bit as the local inflation gauge did not spring any ugly surprises in May," he said.The US Treasury benchmark surged 31 basis points this month to yield 3.26%. Back home, the Consumer Price Index rose 7% in May.