Global Markets React to Oil Price Surge and Pending US Inflation Data
2 sources across 2 countries · Indonesia · United Kingdom
Who reported this
- The Jakarta Post
- Reuters
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
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Global markets are trading cautiously as investors monitor a surge in oil prices and await key United States inflation data. Brent crude futures have remained above 100 US dollars a barrel following attacks on shipping involving Iran and the US, which threaten energy supplies from the Middle East. This energy shock has pushed global bond yields higher, with benchmark 10 year Treasury yields reaching their highest levels since 2023.
Market participants are focusing on upcoming US producer price and consumer price inflation readings. These figures are expected to influence the Federal Reserve's policy decisions at the FOMC meeting scheduled for September 15 to 16. Traders currently price a roughly 60 percent chance of a Federal Reserve rate hike this month.
Currency movements have been mixed. The US dollar index moved slightly away from a three week low, while the yen's recent rally paused. Meanwhile, the European Central Bank is expected to raise interest rates on Thursday, and the Bank of Japan is anticipated to hike rates on September 18. Gold prices have climbed amid the subdued US dollar and the anticipation of inflation data.
How each side framed it
- Centre-left
- The center left framing emphasizes the geopolitical causes of the oil shock and the resulting pressure on global bond yields and central bank policies.
- Centre
- The center lean framing focuses on the relationship between the US dollar, gold prices, and upcoming inflation data.
Sources
100% of the statements in this article were traced back to the source articles listed above.