GLOBAL MARKETS-Tech Selloff Relents, Oil at Five-Month High
- Global tech shares steadied on Friday after Thursday's AI-driven rout, though Brent crude climbed to a five-month peak of $115 a barrel amid Middle East tensions and Houthi attacks on Saudi Arabia.
- Fears over artificial intelligence's vast funding needs hammered Wall Street on Thursday, triggering the biggest daily rally in U.S. Treasuries in over three years. CoreWeave sank 10% and Meta fell nearly 8% during the sell-off.
- Benchmark 10-year Treasury yields slid more than 19 basis points to 4.9676%, falling back below the closely watched 5% level. Markets stripped out almost a full quarter-point Federal Reserve rate hike for next year, pushing December Fed hike probability to 85%.
- Widening spreads on French government debt over German Bunds, dubbed 'le spread,' remained above 170 amid eurozone concerns. Societe Generale's Global Head of Currency Strategy Kit Juckes called it 'a nervy market' with oil prices grinding higher.
- Equity markets retain support from positive earnings growth and solid economic data despite recent volatility. ING's regional head of research for the Americas Padhraic Garvey warned that inflation, fiscal deficits, and upcoming U.S. midterm elections pose risks requiring market calm.
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PressNewsAgencyStocks mixed, day after AI-related selloff; oil prices rise again
NEW YORK/LONDON, Oct 23 : Stock indexes were mixed on Friday, with tech shares edging higher after the previous day's selloff, while Brent crude oil rose to its highest in more than five months after Houthi attacks in Saudi Arabia.The Nasdaq was up 0.2 per cent after starting the day lower, while the Dow was
Price of oil on the Global Market reaches its highest Level
The price of oil on the global market reached its highest level in the past five months today. The price of North Sea Brent crude oil rose by 2.8 percent in London, now exceeding $118 per barrel—a development that triggered a decline in stock markets across the Americas and Europe. The rise in oil prices […]
Oil hits $115 with stocks mixed on earnings, AI
Global markets were contending "with concerns around surging oil prices and the sustainability of AI spending", noted AJ Bell head of financial analysis Danni Hewson. "Oil is at five-month highs amid speculation there may be renewed US-Israeli strikes after next month's US midterm elections. "Escalating tensions in Ukraine and the prospect of increased energy demand as the northern hemisphere heads into the winter months are only adding to the u…
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