Oil hits five-month high near US$115 as markets weigh AI spending, earnings
LONDON, Oct 23 — Oil prices traded at five-month highs today, with benchmark crude contract Brent North Sea near U...
Oil prices reached five-month highs near US$115 per barrel on October 23, driven by Middle East conflict tensions and speculation of renewed U.S.-Israeli strikes following the upcoming U.S. midterm elections. The hike in energy costs has affected stock markets worldwide, with European markets falling after poor earnings from Kering and Volvo Cars.
Asian equity indices ended the week mixed, as tech firms managed to recover some losses. Analysts noted that strong results are no longer sufficient if the outlook fails to meet demanding valuations, causing investors to become less forgiving. Kering's shares dropped 13% in Paris after reporting results that didn't reassure investors about its Gucci brand recovery, while Volvo Cars fell over 25% due to US tariffs and competition in China, leading to a third-quarter loss announcement.
The company unveiled a five-billion-kronor savings plan, which would result in 2,000 job cuts in Sweden and 500 more globally. As markets focus on AI spending, earnings, and upcoming interest-rate decisions by the U.S. Federal Reserve and European Central Bank, energy markets and AI developments will also be key areas of attention.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
