Asian shares start the week cautious as oil prices ease
A week packed with central bank meetings and company earnings will further test investor confidence in the AI boom.
Asian share markets commenced the week with a cautious outlook as oil prices retreated from their six-month highs. The decline in oil prices occurred amid discussions of Qatari mediators attempting to ease tensions in the Middle East, alongside the US. Brent oil prices fell by 1.0% to US$115.48 following a jump of 6.2% in the previous week, driven by concerns over potential further conflict with Iran.
Shares in Japan's Nikkei and South Korea fell by 0.8% and 0.4% respectively, after experiencing significant declines of 4.0% and almost 19% this month. The MSCI's Asia-Pacific index outside of Japan also decreased by 0.1%. Central banks worldwide are preparing for potential interest rate hikes in response to oil-related inflationary pressures, with some central banks, such as Canada, the UK, and Sweden, planning to initiate their tightening cycles.
Meanwhile, the US Federal Reserve is expected to maintain steady rates for now but may raise rates in December, according to analysts. The upcoming earnings reports from tech giants, including Alphabet, Microsoft, Amazon, Intel, and Sandisk, are expected to provide insights into the AI sector's impact.
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 1 other outlet
- Asian shares start the week cautious as oil prices ease freemalaysiatoday.com
