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Wall Street Retreats as Oil Prices Continue to Rise, ASX Set to Slip
Oil’s surge to a four-year high deepened inflation worries and lifted the odds of further rate hikes, pressuring banks and other rate-sensitive stocks.
- ASX 200 Index futures point to a 0.5% decline on Monday, set to open at 8774 points following Friday's weak session on Wall Street.
- Global oil prices surged 3.1% to $US116.72 per barrel, reaching their highest level since April as traders assessed risks of a broadening conflict in the Middle East.
- Wall Street's S&P 500 fell 0.5% on Friday, though energy stocks gained 2.5%, reflecting investor anxiety over inflation and artificial intelligence infrastructure costs.
- Reserve Bank of Australia interest rate hike odds have risen to two-in-three, with officials scheduled to face the Senate Estimates Committee on Wednesday.
- Following the appointment of UK-based biotech executive Deborah Waterhouse as new chief executive, CSL shares fell 2.4% as the board announced chair Brian McNamee will step down.
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Oil prices fall Monday morning after rising to a maximum in almost six months by the end of last week.
Coverage Details
Total News Sources107
Leaning Left10Leaning Right19Center13Last UpdatedBias Distribution45% Right
Bias Distribution
- 45% of the sources lean Right
45% Right
L 24%
C 31%
R 45%
Factuality
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