Oil prices rise, Asian stocks drift amid US-Iran stalemate
The latest fuel cost rise raises the stakes for US July consumer prices, with headline and core readings expected to increase.
Oil prices climbed on Tuesday as stalled US-Iran negotiations and the reopening of the Strait of Hormuz kept market sentiment tentative. Asian shares moved little amid ongoing uncertainty over inflation. The US dollar edged higher, bolstered by rising oil prices. Nvidia announced a partnership with six financial firms to launch compute financing platforms for AI infrastructure, potentially raising over $500 billion in capital.
The yen weakened slightly amid speculation of possible coordinated US-Japan yen-buying interventions. The US consumer price report for July is due on Wednesday, with expectations for a slight rise in the headline figure. The Reserve Bank of Australia is set to release its policy decision later the same day, with market expectations for a hold in interest rates.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 5 other outlets
- HK stocks open up amid caution over US-Iran gulf news.rthk.hk
- Singapore stocks hit record high; Asian FX subdued bangkokpost.com
- Petrol, diesel prices today: Fuel rates in Delhi, Mumbai as crude oil extends gain amid bleak outlook on US-Iran deal livemint.com
- Oil prices rise, Asian stocks drift amid US-Iran stalemate freemalaysiatoday.com
- Oil prices rise, Asia stocks drift on US-Iran stalemate investing.com
