Global Markets Today: Asian Stocks Mixed, Oil Extends Gains
Oil and spot gold climbed as traders awaited U.S. inflation data and weighed fresh shipping attacks and military drills across Asia.
- Oil and gold prices climbed on Wednesday while regional Asia-Pacific shares edged higher as geopolitical tensions escalated ahead of key U.S. Consumer Price Index data.
- Heightened tensions from Houthi attacks on shipping and a North Korean ballistic missile launch kept market sentiment lukewarm as participants awaited the CPI report.
- Four crew members of an Egyptian-owned ship were killed in a Houthi attack on Tuesday, marking the first fatalities from such strikes since the Iran war began on February 28.
- U.S. crude rose 0.89% to $83.94 a barrel, while Brent advanced to $89.60 per barrel, with both benchmarks settling more than $1 higher on Tuesday.
- Wednesday's CPI data could prove instrumental in setting expectations for the Federal Reserve's meeting next month, with money markets showing an even chance of a rate hike.
42 Articles
42 Articles
Seoul tech leads Asian stock gains as traders cheer US inflation
The consumer price index (CPI) report for July, which was in line with forecasts, followed figures pointing to a softer jobs market and gives the Federal Reserve room to keep borrowing costs on hold for now. However, with the reading holding stubbornly above the bank's two percent target for more than five years -- and the Iran war keeping oil prices elevated -- monetary policymakers are still expected to tighten at some point. "July marked 65 c…
Every month the conflict in the Middle East continues to diminish the conviction that the oil shock will not hit the pace of the global economy, the inflation and the good performance of the assets, especially in the United States, according to Marcela Rocha, Chief Investment Officer (CIO) of Avenue Securities. Exclusive material for subscribers. To have full access, access the link of the subject and register.
The rise of the barrel adds a dose of nervousness to a session already suspended from the figures of American inflation. ...
Instability in the Middle East keeps markets under stress, oil prices have resumed growth.
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