Asian Shares Fall and Oil Prices Hold Steady Above $100 a Barrel
Brent crude held above $100 a barrel as attacks on shipping and higher Treasury yields raised worries about inflation and Fed rate hikes.
- Wall Street retreated Wednesday as Brent crude surged above $100 a barrel for the first time since July, driven by escalating U.S.-Iran conflict stifling oil flow through the Strait of Hormuz.
- Higher fuel costs cut into household budgets directly and raise prices for goods through shipping costs, as gasoline prices sit about 32% higher than a year ago at $4.22 per gallon.
- Every sector within the benchmark S&P 500 declined except energy, where Exxon Mobil rose 2.2% and Chevron added 1.9%, while retailers like Amazon fell 1.8% amid the broader sell-off.
- Rising yields signal investors are demanding higher returns, with the 10-year Treasury yield hitting 4.85% late Tuesday; markets now lean toward a 62% chance the Federal Reserve will raise benchmark rates next week.
- To contain rising yields, the U.S. Treasury Department said Wednesday it would buy back up to $6 billion in long-term debt, following an August announcement previewing the unusually large intervention.
55 Articles
55 Articles
US oil jumps above $100 and stock futures slump
The price of U.S. crude oil rose above $100 for the first time Thursday since May with no end in sight in the U.S.-Iran war. The price for Brent crude, the international standard, rose above $105 a barrel. U.S. stock futures fell, with the S&P 500 down 0.5% and the Nasdaq off by 1.1%. A report s...
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Asian Stocks Slide as Oil Stays Above $100, Inflation Fears Grip Markets
Asian stocks fell on Thursday as escalating attacks on shipping in the Middle East pushed oil prices above $100 a barrel, heightening concerns about inflation ... The post Asian Stocks Slide as Oil Stays Above $100, Inflation Fears Grip Markets first appeared on [your]NEWS.
Le Journal de Montreal
Le Journal de QuebecOil prices are crumbling but remain above $100 per barrel on Thursday.
Asia's stock exchanges closed down mostly this Thursday, following the risk aversion movement observed on Wall Street, while oil prices remained above $100 per barrel in front of the escalation of tensions between the United States and Iran. Exclusive material for subscribers. To have full access, access the link of the material and register.
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