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Asian Stocks Slide, Oil Gains as Middle East Tensions Escalate
Oil prices rose about 1% as fresh US strikes on Iran lifted inflation worries and pushed investors out of Asian stocks.
- On Wednesday, Asian stocks fell as oil prices surged following United States strikes against Iran, which President Donald Trump ordered after Tehran shot down a US Apache helicopter in the Strait of Hormuz.
- Escalating tensions in the Middle East have unsettled markets and pushed commodities higher, dimming hopes for ending the months-long war that continues to stoke inflation worries globally.
- Brent futures rose 0.9 per cent to $92.29 a barrel, while West Texas Intermediate crude climbed 0.8 per cent to $88.97, as MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.6 per cent.
- Investors are focused on United States inflation data expected later Wednesday, with economists predicting a 4.2 per cent annual increase, heightening concerns the Federal Reserve may hike interest rates this year.
- Saxo's Charu Chanana warned that if inflation data is hot, "it will be much harder for the Fed to sound relaxed next week," as the central bank balances supply shocks against rising price expectations.
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Channel News Asia+6 Reposted by 6 other sources
Asian stocks slide, oil gains as Middle East tensions escalate
The United States launched strikes against Iran after President Donald Trump said Tehran had shot down a US Apache helicopter in the Strait of Hormuz, leaving investors on edge.
·Singapore, Singapore
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Coverage Details
Total News Sources18
Leaning Left4Leaning Right3Center4Last UpdatedBias Distribution37% Left, 36% Center
Bias Distribution
- 37% of the sources lean Left, 36% of the sources are Center
37% Left
L 37%
C 36%
R 27%
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