Global stocks headed for a third straight day of losses on Tuesday and the dollar rose after more U.S. data reinforced the belief among investors that the Federal Reserve might stick longer with aggressive interest rate rises.

MSCI’s world index (.MIWD00000PUS) fell 0.3%, led by tech stocks which are often more sensitive to broader shifts in sentiment.

Europe’s STOXX tech sub index lost 0.3% .

The oil and gas sector also suffered after a near-3.5% slide in crude oil prices overnight . Shell , BP (BP.L) and TotalEnergies (TTEF.PA) were each down around 1%, and were among the biggest drags on the pan-European index (.STOXX).

Having hit an an over three-month high last Thursday, MSCI’s world index is now entering what was shaping up to be a third straight session of decline.

Data released on Monday showed U.S. services industry activity unexpectedly picked up in November following a robust U.S. payrolls report published Friday – all of which raised doubts over whether the Fed would go for smaller hikes in interest rates just yet.

“A reassuring trend was in place – policy tightening, leading to growth slowdown leading to slower inflation – which allowed this correction in risk assets and the dollar,” said Samy Chaar chief economist at Lombard Odier.

“Then we had two important bits of data that went the other way, a good job report, non manufacturing ISN, which if not calling that trend into question, do show there will be bumps in the road.”

Aggressive U.S. rate increases earlier in the year had caused stocks to tumble and U.S. treasury yields and the dollar to soar.

The dollar, on Tuesday, held firm against most peers. The greenback was at 136.6 yen , steady after a 1.8% jump the previous day thanks in part to the services data, while the euro was at $1.0493 having fallen 0.45% the previous day.

Elsewhere, the Reserve Bank of Australia raised interest rates to decade highs and stuck with a prediction of further hikes ahead, quashing any thought it was near to pausing. The Australian dollar gained 0.3% and the 10-year bond yield ticked up a little.

The U.S 10-year yield was steady at 3.5735% after jumping nearly 10 basis points on Monday following the services data . {US/]

Oil prices edged up, as the implementation of sanctions on Russian seaborne crude oil eased concerns about oversupply, while the relaxing of China’s COVID curbs bolstered the demand outlook. Crude futures suffered their biggest daily drop in two weeks on Monday, after the U.S. service sector data raised worries that the Fed could continue its aggressive tightening for a while longer.

Brent crude futures ticked up 0.36% to $82.96 a barrel. U.S. crude rose 0.62% to $77.36.

Gold was at $1,770 an ounce having hit a five-month high over $1,809 on Monday.

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Israeli Prime Minister Yair Lapid said on Tuesday that no one would question Israeli soldiers, after Al Jazeera filed a lawsuit at the International Criminal Court over the killing of Palestinian journalist Shireen Abu Akleh.

“No one will interrogate IDF soldiers and no one will preach to us about morals of combat, certainly not the Al Jazeera network,” Lapid said.

Abu Akleh was shot during an Israeli raid in the occupied West Bank in May.

President Joe Biden will visit the Arizona plant of TSMC (2330.TW) on Tuesday as the Taiwanese chipmaker is set to more than triple its planned investment in the factory to $40 billion, among the largest foreign investments in U.S. history.

The investment is a big win for Biden after supply-chain issues disrupted the U.S. economy early in his presidency.

Joining Biden for his visit to Taiwan Semiconductor Manufacturing Co Ltd’s facility in Phoenix to promote efforts to boost U.S. technology manufacturing will be Apple (AAPL.O) CEO Tim Cook, TSMC founder Morris Chang, and the heads of chipmakers Micron (MU.O), Sanjay Mehrotra, and NVIDIA (NVDA.O) founder and CEO Jensen Huang, among others, the White House said.

They will attend a “tool-in” ceremony, which is the symbolic moving of the first equipment onto the shop floor of the new $12 billion facility. The plant is scheduled to be operational in 2024.

TSMC is the world’s largest contract chipmaker and a major supplier to major U.S. hardware manufacturers such as Apple and NVIDIA.

“Bringing TSMC’s investment to the United States is a masterstroke and a game-changing development for the industry,” NVIDIA’s Huang said in remarks prepared for Tuesday’s event.

TSMC executives will announce a plan to build a second nearby facility that will produce advanced chips by 2026.

The company will announce its second plant will produce advanced N3 chips by 2026 and that its current facility will develop even more cutting-edge chips than originally proposed, going from N5 down to N4.

TSMC’s investment in Arizona at two facilities will total $40 billion, making it the company’s largest investment outside of Taiwan, and one of the largest foreign direct investments in U.S. history.

Biden has sought to boost production of semiconductors after the pandemic caused supply-chain problems that resulted in shortages of chips for vehicles and many other items.

U.S. semiconductor production now accounts for just 12% of the global total, down from 37% two decades ago, a White House report on supply-chain problems said last year.

Taiwan’s dominant position as a maker of chips used in technology from cell phones and cars to fighter jets has sparked concerns of over-reliance on the island, especially as China ramps up military pressure to assert its sovereignty claims.

China claims Taiwan as its territory despite the strong objections of the democratically elected government in Taipei, which rejects Beijing’s sovereignty claims.

The $52.7 billion “Chips and Science” act, signed by Biden in August, is aimed at preventing a resurgence of supply-chain woes.

“The occasion for the president’s travel is to mark a significant milestone that TSMC is reaching in bringing the most advanced semiconductor manufacturing back to the U.S.,” said Brian Deese, director of the White House National Economic Council.

Biden’s victory in Arizona in the 2020 presidential election helped catapult him to the White House after Republican Donald Trump won the state in 2016.

Biden has said he intends to seek a second four-year term in 2024.

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Ukraine’s military said Russia had pulled some troops from towns on the opposite bank of the Dnipro River from Kherson city, the first official Ukrainian report of a Russian withdrawal on what is now the main front line in the south..

* Spain has stepped up security at public and diplomatic buildings after a spate of letter bombs, including one sent to Prime Minister Pedro Sanchez and another to the Ukrainian embassy in Madrid, where an official suffered minor injuries.

* Air raid alerts were issued across all of Ukraine following warnings by Ukrainian officials that Russia was preparing a new wave of missile and drone strikes. “An overall air raid alert is in place in Ukraine. Go to shelters,” country’s border service wrote on Telegram messaging app.

* Ukraine’s military said it had found fragments of Russian-fired nuclear-capable missiles with dud warheads in west Ukraine, and that their apparent purpose was to distract air defences.

* The recently liberated Ukrainian city of Kherson has lost its power supply after heavy shelling by Russian forces, the regional governor said.

* European Union governments tentatively agreed on a $60 a barrel price cap on Russian seaborne oil, with an adjustment mechanism to keep the cap at 5% below the market price, an EU diplomat said.

* Russian Foreign Minister Sergei Lavrov said on that big problems had accumulated in the Organization for Security and Cooperation in Europe (OSCE), accusing the West of spurning the chance to make it a real bridge with Russia after the Cold War.

* Lavrov said that discussions with Washington about potential prisoner exchanges were being conducted by the two countries’ intelligence services, and that he hoped they would be successful.

* The European Union needs patience as it sanctions Russia for its invasion of Ukraine, as most measures will only have an impact in the medium and long term, Lithuania’s prime minister said in an interview at  the  Reuters NEXT conference.

* Switzerland has frozen financial assets worth 7.5 billion Swiss francs ($7.94 billion) as of Nov. 25 under sanctions against Russians to punish Moscow for its invasion of Ukraine, the State Secretariat for Economic Affairs (SECO) said.

* Russia said the German parliament’s move to recognise the 1932-33 famine in Ukraine as a Soviet-imposed genocide was an anti-Russian provocation and an attempt by Germany to whitewash its Nazi past.

* Ukraine sacked a top engineer at the Russian-occupied Zaporizhzhia nuclear power plant, accusing him of collaborating with Russian forces, and urged other Ukrainian staff at the plant to remain loyal to Kyiv.

* Russia must withdraw its heavy weapons and military personnel from the Zaporizhzhia plant if the U.N. atomic watchdog’s efforts to create a protection zone are to succeed, Ukrainian Foreign Minister Dmytro Kuleba said.

* In a grim sign of the energy crisis caused by Russian attacks on Ukraine’s electricity grid, nine people have been killed in fires over the past 24 hours as Ukrainians resorted to emergency generators, candles and gas cylinders in violation of safety rules to try to heat their homes after power outages.

* “Remember one thing – the Russians are afraid. And they are very cold and no one will help them, because they do not have popular support,” – Andriy Yermak, chief of Ukrainian presidential staff.

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