Finance

Oil prices rise as Middle East attacks lift Asian stocks higher: Market wrap-up


(Bloomberg) — Crude oil prices rose as tensions in the Middle East threaten global trade. Asian stocks rose.

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Brent and West Texas Intermediate crude rose more than 1% in intraday trading to hit their highest levels since November after the U.S. said Iran-backed militants killed three service members and U.S. President Joe Biden promised retaliation. . Oil prices also received a welcome boost on Friday following the Houthi attack. Rebels attacked a ship carrying Russian fuel.

Japanese stocks opened higher as energy producers followed oil’s gains. South Korean stocks also rose, while U.S. stock futures contracts fell as investors weighed the risks of conflict in the Middle East at the start of a crucial week. Global policy outlook.

Andrew Ticehurst, interest rates strategist at Nomura Inc. in Sydney, said: “The news that three U.S. troops were killed in a drone strike and President Biden saying ‘we will respond’ ‘The news is likely to heighten market focus on the region.” “However, I expect data and central bank meetings to dominate a busy week for markets, with China PMI, FOMC and Bank of England meetings, and U.S. employment data They are all highlights.”

The dollar edged higher and U.S. Treasuries were steady in Asian trading on Friday after U.S. stocks retreated. Mixed economic data stoked concerns that the Federal Reserve will show patience with the pace of interest rate cuts at its meeting on Wednesday.

This week will also bring a series of key data, starting from European GDP on Tuesday, to China PMI and Australian inflation on Wednesday, then European inflation and the Bank of England policy decision on Thursday.

“We believe the Fed is likely to reiterate its data-reliant stance and warn that it is willing to be patient,” ANZ analysts including Miles Workman wrote in a note. The Fed will remain cautious about any reacceleration.” Above-trend growth and a resilient labor market bring inflationary pressures. “

China’s securities regulator announced on Sunday that it would stop short-selling lending on certain stocks from Monday, putting China’s stock market on track to extend its first weekly gain since late December. Authorities are taking measures after China’s stock market fell alarmingly – the MSCI China index is down 60% from its February 2021 peak.

Earlier, Singapore’s central bank kept monetary policy unchanged for the third consecutive time as price pressures persisted and the economy showed signs of resilience.

Main events this week:

  • Australian retail sales on Tuesday

  • Eurozone economic confidence, GDP, consumer confidence, Tuesday

  • ECB board members Boris Vujicic and Philippe Ryan speak on Tuesday

  • Federal Council consumer confidence index on Tuesday

  • Microsoft Corp. and Alphabet Inc. will report earnings on Tuesday

  • Australian Consumer Price Index, Wednesday

  • Japan industrial production, retail sales on Wednesday

  • China non-manufacturing PMI, manufacturing PMI, Wednesday

  • French CPI, Wednesday

  • German CPI, unemployment rate, Wednesday

  • Philip Lane, chief economist of the European Central Bank, gave a speech on Wednesday

  • Fed rate decision, US employment cost index, Wednesday

  • Boeing reports earnings on Wednesday

  • The U.S. Treasury Department will announce quarterly refunds on Wednesday, where officials will announce plans to auction 3-year, 10-year and 30-year notes, as well as other borrowing plans

  • Japan PMI, Thursday

  • China Caixin Manufacturing PMI on Thursday

  • Euro zone S&P global manufacturing PMI, CPI, unemployment rate on Thursday

  • Bank of England interest rate decision on Thursday

  • ECB Governing Council member Mario Centeno speaks on Thursday

  • U.S. ISM manufacturing, first jobless claims on Thursday

  • Apple, Amazon, Meta Platforms Inc. to report earnings Thursday

  • German lawmakers on Friday give final vote on revised 2024 federal budget

  • ECB Governing Council member Mario Centeno speaks on Friday

  • US jobs report, University of Michigan consumer sentiment, factory orders, Friday

stock

  • S&P 500 futures fell 0.2% as of 9:27 a.m. Tokyo time.S&P 500 little changed on Friday

  • Nasdaq 100 futures fell 0.3% Nasdaq 100 futures fell 0.5%

  • Japan’s Topix rose 1%

  • Australia’s S&P/ASX 200 little changed

  • Hang Seng futures in Hong Kong rose 0.8%

currency

  • Bloomberg U.S. Dollar Spot Index little changed

  • EUR/USD was little changed at $1.0843

  • The Japanese yen exchange rate has not changed much, with an exchange rate of 148.29 yen.

  • The offshore RMB exchange rate against the U.S. dollar was little changed at 7.1890

  • AUD/USD unchanged at $0.6575

cryptocurrency

  • Bitcoin was little changed at $41,956.37

  • Ethereum falls 0.3% to $2,256.95

bond

  • The 10-year Treasury yield was little changed at 4.14%

  • Japan’s 10-year government bond yield fell 4 basis points to 0.705%

  • Australia’s 10-year government bond yield fell two basis points to 4.23%

commodity

This story was produced with the assistance of Bloomberg Automation.

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