Markets Anxious As Oil Price Surge Spotlights Inflationary Fears

Saudi Arabia’s announcement of plans for further cut in crude oil output that followed Friday’s strong jobs data from the U.S. renewed rate hike fears ahead of the review by the Fed next week. Markets meanwhile welcomed President Joe Biden officially signing into a law, the bill raising the country’s debt ceiling.

European benchmarks are trading mixed. Wall Street Futures are trading in mildly positive territory. Asian stocks finished trading on a positive note.

Dollar continued to gain amidst fears of the Fed persisting with its hawkish stance. Strong U.S. jobs data and the surge in crude oil prices triggered a hardening in bond yields. Crude oil prices rebounded following Saudi Arabia’s plans to cut production by a further 1 million barrels per day (bpd) from July. Gold declined amidst the Dollar’s strength. Cryptocurrencies declined.

Here is a snapshot of the world markets at this hour across stocks, currencies, bonds, commodities and cryptocurrencies.

Stock Indexes:

DJIA (US30) at 33,788.50, up 0.08%
S&P 500 (US500) at 4,282.90, up 0.01%
Germany’s DAX at 16,053.05, up 0.01%
U.K.’s FTSE 100 at 7,645.26, up 0.50%
France’s CAC 40 at 7,262.36, down 0.11%
Euro Stoxx 50 at 4,322.25, down 0.03%
Japan’s Nikkei 225 at 32,217.43, up 2.20%
Australia’s S&P ASX 200 at 7,216.30, up 1.00%
China’s Shanghai Composite at 3,232.44, up 0.07%
Hong Kong’s Hang Seng at 19,108.50, up 0.84%


EUR/USD at 1.0692, down 0.17%
GBP/USD at 1.2395, down 0.50%
USD/JPY at 140.30, up 0.22%
AUD/USD at 0.6588, down 0.45%
USD/CAD at 1.3446, up 0.16%
Dollar Index at 104.26, up 0.24%

Ten-Year Govt Bond Yields:

U.S. at 3.741%, up 1.45%
Germany at 2.3720%, up 2.77%
France at 2.917%, up 2.06%
U.K. at 4.2480%, up 2.19%
Japan at 0.433%, down 0.69%


Brent Oil Futures (Aug) at $77.50, up 1.80%
Crude Oil WTI Futures (Jul) at $73.10, up 1.90%
Gold Futures (Aug) at $1,960.60, down 0.46%


Bitcoin at $26,781.17, down 1.66%
Ethereum at $1,870.61, down 1.93%
BNB at $300.88, down 2.16%
XRP at $0.535, up 1.99%
Cardano (ADA) at $0.3737, down 2.04%

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