Asian stocks climb as oil prices slide ahead of US CPI
SPY•Asian stocks rose as oil prices fell on hopes for US-Iran peace talks, ahead of US inflation data. Brent crude was down 1% at $91.56 a barrel, while South Korea's KOSPI gained 4% and Japan's Nikkei rose 2.5%.
1. Oil slides, stocks rise
Asian stocks rose on Tuesday as lower oil prices lifted sentiment ahead of US inflation data. Brent crude futures were down 1% at $91.56 a barrel, their lowest levels since early September, after US President Donald Trump said he would hold off on new military strikes against Iran. South Korea's KOSPI rose 4%, Japan's Nikkei gained 2.5% and MSCI's broadest Asia-Pacific share index advanced 1.5%.
2. Inflation and AI in focus
Economists polled expect US headline consumer prices to rise 0.3% in October and core prices to increase 0.2%. Traders were pricing in an 84% chance of a Federal Reserve rate hike next month, up from 74% a week earlier. Nvidia shares fell 4.2% as the company's board probed whether CEO Jensen Huang had been targeted by a foreign intelligence operation; earnings from CoreWeave and details of Anthropic's planned IPO were also in focus.
