Stocks Steady With U.S. Futures as Oil Surges: Markets Wrap

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Bloomberg 06 July, 2021 - 05:02am 24 views

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Asian Stocks Set for Mixed Open Amid Jump in Crude: Markets Wrap

BNN 06 July, 2021 - 05:16am

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(Bloomberg) -- Asian stocks look set for a mixed open Tuesday as traders weigh a jump in crude oil amid an OPEC+ crisis that derailed a deal to boost output. The dollar was steady.

Equity futures rose in Japan and Australia but dipped in Hong Kong. U.S. stocks and Treasury markets were closed Monday for the Independence Day holiday, keeping trading subdued. European shares edged higher and U.S contracts fluctuated between gains and losses.

OPEC+ was plunged into crisis as a worsening fight between Saudi Arabia and the United Arab Emirates blocked an oil-supply increase. The breakdown of talks sent crude climbing toward $80 a barrel, but also raises the risk of a price war if the conflict at the alliance escalates.

The climb in oil threatens to stoke the inflationary pressures that are adding to the case for the Federal Reserve to temper emergency stimulus in the months ahead. The latest U.S. central bank minutes due Wednesday may provide further context about its hawkish tilt last month. The Reserve Bank of Australia is expected to pare back some policy support at its Tuesday meeting despite ongoing curbs against a recent Covid-19 flareup.

The risk of oil at $100 a barrel “is so correlated with short-run inflation that it will make the market very, very edgy, and we know that the Federal Reserve is both watching the economic data but also markets,” Alan Higgins, chief investment officer at Coutts & Co., said on Bloomberg Television.

Elsewhere, Bitcoin dropped and was trading around $34,000. Investors will be watching Didi Global Inc. when U.S. markets reopen after China expanded a cybersecurity probe.

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