Global Markets-Oil heads for $100, Asia stocks subdued as Middle East tensions escalate

Japan's Nikkei .N225 slipped 0.2%, Hong Kong's Hang Seng .HSI dropped 0.3% and mainland Chinese blue chips .CSI300 were little changed. A rebound in chip and AI stocks helped some other regional benchmarks though, with South Korea's KOSPI .KS11 jumping 1.2% and Taiwan's TAIEX .TWII eking out a 0.2% gain. Overnight, the Philadelphia SE semiconductor index .SOX jumped 1.3%, despite declines on Wall Street's three main indexes. U.S. S&P 500 futures EScv1 added 0.1%, after the cash index .SPX sank 0.6% on Tuesday. Pan-European STOXXX 50 futures STXEc1 fell 0.5%. "Across several of the major macro markets, we see indecision in the price action -- tight ranges and a general holding/consolidation pattern," Chris Weston, head of research at Pepperstone, wrote in a client note. Brent crude is currently "one of the clearest real-time signals for sentiment" for the overall market, and $100 "now feels like a highly achievable level," he said. Inflation worries have weighed on global equities in recent weeks and lifted bond yields as traders price higher odds for central bank tightening. U.S. CPI data is due on Friday. TOKYO, Sept. 9 (Reuters) - Brent crude rallied towards $100 per barrel on Wednesday, keeping the mood in Asian stock markets subdued, as attacks intensified in the Middle East, stoking inflation worries ahead of the release of closely watched U.S. consumer price data. Iranian-backed Houthis in Yemen launched strikes on several Saudi cities on Tuesday, further embroiling a U.S. ally in the conflict, while U.S. forces hit multiple Iranian oil tankers and Iran struck a U.S. base in Jordan. Oil prices jumped for a fourth straight session on Wednesday, with Brent crude futures LCOc1 rising $1.10 to $99.02 a barrel. U.S. West Texas Intermediate crude CLc1 was at $93.95 a barrel, up $0.93. The yen strengthened towards the nearly seven-month high touched against the dollar on Tuesday as traders exited short positions in the Japanese currency amid expectations for faster Bank of Japan interest rate hikes and a potential rush of repatriation of Japanese capital. Traders assign close to even odds for a quarter-point hike or a hold from the U.S. Federal Reserve on Wednesday of next week, while being all but certain of a quarter-point increase from the BOJ two days later. The yen strengthened around 0.5% to 153.32 per dollar JPY=, edging back towards its high of 152.89 from the previous session. It had surged around 4% over the last five sessions, with hawkish comments from BOJ officials ostensibly initiating a move that then snowballed as breaks of key levels triggered additional buying, market players said. The ECB is all but certain to raise euro zone rates by a quarter point on Thursday. The euro EUR= added 0.1% to $1.1634, putting it in the middle of its tight range of the past three weeks. Sterling GBP= was little changed at $1.3552. The Bank of England is due to announce its latest policy decision on Thursday of next week, with economists predicting the key rate will be on hold for the remainder of this year. The Aussie AUD= rose 0.2% to $0.7230. Bitcoin BTC= drifted higher to change hands at $79,009.09. Gold XAU= gained 0.7% to around $4,385 an ounce.

Global Markets-Oil heads for $100, Asia stocks subdued as Middle East tensions escalate

Asian equities mixed as chip and AI stocks rebound

Oil climbs toward $100 as Middle East tensions intensify

Yen strengthens on hawkish BOJ bets, euro edges up ahead of ECB decision

Related News

Quanta Services Inc <PWR.N>: Piper Sandler initiates coverage with overweight rating; target price $731

Nucor Corporation <NUE.N>: JP Morgan Raises Target Price to $308 from $294

Frank A. Selden trust sells 8,693,290 AGNT shares for $31.99 million

MINISO files HKEX next-day disclosure return, reports share repurchase for cancellation

Lighthouse Canton pitches low-cost SPY options hedge into Sept. 16 FOMC decision