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Global Market: European Shares Hold Steady as Hormuz Uncertainty Keeps Oil Prices Elevated
Energy shares rose 0.5% as Brent crude held near $83.98 a barrel and traders awaited U.S. inflation data for clues on rate cuts.
- On Monday, European shares held flat as uncertainty over the Strait of Hormuz kept oil prices elevated, with the pan-European STOXX index steady at 660.12 points.
- Iran and Oman are nearing a final transit pact for the Strait of Hormuz, though officials reiterated the waterway remains restricted pending United States conditions, keeping Brent crude elevated.
- Economists expect the Consumer Price Index to rise 3.4 per cent on Wednesday, a key metric for Federal Reserve policy, while traders have scaled back September rate hike bets to roughly 44 per cent.
- With nearly 90 per cent of S&P 500 companies having reported results, earnings season enters its final stretch as investors await updates from Applied Materials, Cisco Systems, and CoreWeave.
- Thursday's Producer Price Index and Friday's retail sales data will test market resilience, assessing whether broader indexes can continue advancing amid unresolved geopolitical tensions and sticky inflation concerns.
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50 Articles
50 Articles
Oil rises as Hormuz uncertainty keeps Asian markets mixed before US inflation
Asian shares traded mixed and oil extended gains as uncertainty over reopening the Strait of Hormuz persisted. The standoff and upcoming US inflation data kept investors cautious on rates and risk appetite.
·Noida, India
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Oil remains expensive and Wednesday's US inflation encourages investors not to move too much forward. ...
·Brussels, Belgium
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Asian and Pacific stock markets without a precise direction pending clarification of the framework on the management of the Hormuz Strait. (ANSA)
·Rome, Italy
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Associated Press News+14 Reposted by 14 other sources
Oil prices hold steady after jumping 5%, while Asian shares are mixed
Shares are mixed in Asia, while oil prices are holding steady after gaining 5% due to questions over when the Strait of Hormuz could reopen and get the global flow of crude going again.
·New York, United States
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Coverage Details
Total News Sources50
Leaning Left8Leaning Right5Center24Last UpdatedBias Distribution65% Center
Bias Distribution
- 65% of the sources are Center
65% Center
L 22%
C 65%
13%
Factuality
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