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Asian Stocks Slide, Oil Gains as Middle East Tensions Escalate
Oil prices rose about 1% as fresh US strikes on Iran lifted inflation worries and pushed investors out of Asian stocks.
- On Wednesday, Asian stocks fell as oil prices surged following United States strikes against Iran, which President Donald Trump ordered after Tehran shot down a US Apache helicopter in the Strait of Hormuz.
- Escalating tensions in the Middle East have unsettled markets and pushed commodities higher, dimming hopes for ending the months-long war that continues to stoke inflation worries globally.
- Brent futures rose 0.9 per cent to $92.29 a barrel, while West Texas Intermediate crude climbed 0.8 per cent to $88.97, as MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.6 per cent.
- Investors are focused on United States inflation data expected later Wednesday, with economists predicting a 4.2 per cent annual increase, heightening concerns the Federal Reserve may hike interest rates this year.
- Saxo's Charu Chanana warned that if inflation data is hot, "it will be much harder for the Fed to sound relaxed next week," as the central bank balances supply shocks against rising price expectations.
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Equities see volatile start as KSE-100 swings amid Middle East tensions
A volatile trading was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index swinging both ways during the opening minutes of trading on Wednesday amid escalating tensions in the Middle East. At 9:55am, the benchmark index was hovering at 170,335.39, up by 4.83 points. A mixed trading pattern was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs a…
Coverage Details
Total News Sources18
Leaning Left4Leaning Right3Center5Last UpdatedBias Distribution42% Center
Bias Distribution
- 42% of the sources are Center
42% Center
L 33%
C 42%
R 25%
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