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Markets Await US Inflation Data Amid Middle East Tensions

evening · · thread: Oil Prices Drop as US and Iran Pause Military Hostilities

2 sources across 2 countries · Indonesia · Pakistan

Who reported this

  • The Jakarta Post Indonesia · Centre-left · PT Bina Media Tenggara
  • Dawn Pakistan · Centre-left · Pakistan Herald Publications (Haroon family)

What the colours mean

  • Left
  • Centre-left
  • Centre
  • Centre-right
  • Right
  • A hatched block means the outlet is affiliated with, or controlled by, a state.

Political lean describes where an outlet sits within the politics of its own country. It is never a position on a single global scale.

Political lean is comparable inside one country and not across them, which is why the bar groups by country first. Publicly funded broadcasters are not marked as state-linked.

The owner of each outlet is listed as a matter of record, not as a judgement about the outlet.

Every outlet covering this story shares the same political lean; read with that in mind.

Global markets are awaiting the release of US inflation data on Wednesday to determine the future direction of Federal Reserve interest rates. Traders are currently split, with the CME FedWatch Tool indicating a 50 percent probability that the central bank will leave rates unchanged at its September 16 meeting and a 50 percent probability of a quarter point increase. Federal Reserve Bank of Chicago President Austan Goolsbee stated on Tuesday that the central bank is more concerned about high inflation than labor market weakness.

Gold prices rose on Wednesday, with spot gold gaining 0.6 percent to 4,391.82 dollars per ounce. Analysts attribute this rise to reduced bets on Federal Reserve tightening. In the currency market, the US dollar index rose 0.1 percent to 99.89. The yen weakened 0.1 percent to 159.44 yen, while the euro slipped 0.1 percent to 1.1534 dollars. The kiwi dollar fell 0.3 percent to 0.5866 dollars following a confidence vote for New Zealand Prime Minister Christopher Luxon.

Oil prices increased following reports of attacks on shipping in the Middle East. These include an attack by Iran backed Houthis on a cargo ship in the Bab el Mandeb strait and a US military strike on a container ship off Pakistan. Tehran has stated that the Strait of Hormuz will remain closed unless Washington accepts its conditions. Brent crude was reported at 89.69 dollars a barrel.

How each side framed it

Centre-left
Outlets of this lean focused on the broader impact of US inflation data on currency valuations and the geopolitical risks affecting oil prices.

Sources

100% of the statements in this article were traced back to the source articles listed above.