Stocks mostly drop as Middle East hopes dim, interest rates rise

Stocks mostly drop as Middle East hopes dim, interest rates rise

Traders still expect inflation to remain above central bank targets for some time as the Middle East crisis drags on and crude stays around US$90 a barrel.

Crude extends gains, most stocks drop as Mideast hopes dim - OGUN STATE TELEVISION

Oil prices extended gains and Asian stocks mostly fell on Tuesday as a US-Iran deal to reopen the Strait of Hormuz remained distant, a day after the deadline for a truce expired. While soft US data this month has eased concerns that the Federal Reserve will hike interest rates soon, traders still expect inflation to remain high for some time as the Middle East crisis drags on and crude stays stuck around $90 a barrel. That has pushed up long-ter…