Asian stocks fell, following losses in their US peers, as surging oil prices added to concern that inflation will accelerate and lead to higher global interest rates. Brent crude held above $101 a barrel. The MSCI Asia Pacific Index slipped 0.8%, with benchmark gauges in Japan, South Korea, Taiwan and Australia all declining. The S&P 500 Index closed down 0.5% on Wednesday, while the Nasdaq 100 Index dropped 0.3%, weighed by losses in Nvidia Corp., Amazon.com Inc. and Alphabet Inc. Global benchmark Brent climbed as high as $101.94 before paring gains, after Iran vowed it was prepared for a more intense war after hostilities flared across the Middle East. At the same time, the Treasury 10-year yield held near Wednesday’s high of 4.85%, a level last seen in late 2023, as the US government’s plan to buy up to $6 billion of longer-dated debt disappointed some investors who had expected a larger increase. The combination of higher oil prices and rising bond yields leaves markets particularly sensitive to Friday’s US inflation report, which may determine whether the Federal Reserve raises interest rates when it meets next week. A stronger-than-expected reading may reinforce bets on further tightening and put additional pressure on stocks and bonds, while softer data could damp those expectations. Iran has no intention of backing down in the face of a US naval blockade and attacks on its oil tankers, according to a senior official from the Islamic Republic who asked not to be identified discussing sensitive matters. Economic pain may be increasing, the official said, but the country’s leaders see the war with the US as posing an existential threat that leaves them little choice but to keep fighting. Elsewhere, the dollar held near a four-month low as traders awaited a series of economic reports for clues on whether the Fed will raise rates this month. The Bloomberg Dollar Spot Index slipped 0.1% after falling to its lowest since early May on Wednesday. The yen strengthened 0.1% to 153.50 per dollar after Bank of Japan board member Kazuyuki Masu said the central bank will continue to raise its benchmark interest rate to ensure that the price trend doesn’t exceed 2%. Gold climbed 0.4% to $4,417 an ounce. Markets largely shrugged off President Donald Trump’s promise to give all adult US citizens a $5,000 dividend if Republicans retain control of both houses of Congress. The US Bureau of Labor Statistics will release August producer-price data on Thursday, followed by the consumer-price-index numbers on Friday. Swaps imply about a 62% chance the Fed will raise rates by a quarter point at its Sept. 15-16 meeting, up from 60% odds on Tuesday. At least two rate hikes by the middle of next year are fully priced in. US After Hours AVAV +3.5% higher after earnings; COO -15%, NAVN -14.9%, AEO -9.5% under pressure after earnings.
Nikkei -0.14% Hang Seng -1.35% CSI -0.52% Kospi -0.09% Shanghai -0.44% Shenzen -0.85%
Eur$ CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH
S&P +0.25% Nasdaq +0.10% EuroStoxx +0.14% FTSE -0.05% Dax +0.25% SMI +0.15%
Macro :
- Brent Oil Holds Near $101 as Iran Says Ready for Intense War
- Iran Ready for More Intense War, Won’t Relent, Official Says
- Iran Ready for More Intense War, Won’t Relent, Official Says
- Iran Ready to Escalate War Trump Says Will End After US Election
- FDA Is Open to Novel Approaches for Evaluating Psychedelics
- Trump’s $5,000 Payout Promise Underscores GOP Midterm Peril
- Watch French Banks as Bond Spread with Germany Hits 2012 Highs
Keep an eye on :
Keep an eye on :
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- IGG LN : IG Group to Cut Hundreds of Jobs: Sky News
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- LKNCY US : Mubadala Backs China’s Luckin Coffee Chain in $1 Billion Deal
- MAERSKB DC : Maersk Plans to Expand Fleet as CEO Sees New Era for Shipping
- BMPS IM : Monte Paschi Files Documents for BPM, Banca Generali Offers
- NVDA US : DOJ Probes Nvidia’s Tie-Up With Groq on Antitrust Concerns
- P911 GY : Porsche Lifts Margin Forecast After €1 Billion Bugatti Sale
- ROP SW : Roche's Enspryng Gets FDA Priority Review for MOGAD
- SPCX US : Musk’s Boring Co. Raises Capital, Valuing Firm at $23 Billion
- SBUX US : Starbucks Invests $1B to Revamp as Many as 9,000 Cafes: FT
- Strato Launch IPO : Cerberus-Backed Stratolaunch Said to Seek $500 Million IPO
- TEL NO : Telenor’s KNL Secures Framework Deal With Danish Armed Forces
- UBSG SW : UBS CEO Says Current Swiss Capital Proposal Is ‘Excessive’
- Upstage IPO : AMD-Backed Korean AI Startup Upstage Considers Pre-IPO Round
- VIK US : Viking Falls as UBS Says MSC May Be Buying River Cruise Ships
- YCA LN : Data Centers Light Fire Under Uranium Prices, Long-term prices are at their highest level in at least 18 years - WSJ