Shares edge higher in Asia as oil dips, earnings loom
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.4%.
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Summary
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.4%. As a result, Brent slipped 0.6% to near four-month lows at US$71.70 a barrel and US crude lost 0.5% to US$68.38. In currency markets, the dollar index had steadied at 100.880 after dipping in the wake of the disappointing June payrolls report.
Furthermore, While there were no new developments in the fractious US-Iran peace talks, ships are passing through the Strait of Hormuz with 160 vessels reported from Monday to Saturday last week. OPEC+ also agreed a further increase in output targets by 188,000 barrels per day from August, on top of similar increases for June and July. In commodity markets, gold was little moved at US$4,177 an ounce, having bounced 2% last week.
In addition, The cooling in energy costs combined with a softer US payrolls report, led markets to scale back the risk of a Federal Reserve rate hike in the near term, with futures implying a 78% chance of a steady outcome at the July 29 meeting. The data calendar kicks off with the US ISM Services survey later on Monday where forecasts favour a slight pullback to a still-healthy 54.0 in June. "Our view overall still is the Fed won't do anything, but clearly we've been above target on the Fed's preferred inflation measure for five years," he added.
Cross-referenced from 3 sources.
Factual coreconfirmed by several independent voices
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.4%.
reliability low1/2 sourcesAs a result, Brent slipped 0.6% to near four-month lows at US$71.70 a barrel and US crude lost 0.5% to US$68.38.
reliability low1/2 sourcesIn currency markets, the dollar index had steadied at 100.880 after dipping in the wake of the disappointing June payrolls report.
reliability low1/2 sourcesWhile there were no new developments in the fractious US-Iran peace talks, ships are passing through the Strait of Hormuz with 160 vessels reported from Monday to Saturday last week.
reliability low1/2 sourcesOPEC+ also agreed a further increase in output targets by 188,000 barrels per day from August, on top of similar increases for June and July.
reliability low1/2 sourcesIn commodity markets, gold was little moved at US$4,177 an ounce, having bounced 2% last week.
reliability low1/2 sourcesThe cooling in energy costs combined with a softer US payrolls report, led markets to scale back the risk of a Federal Reserve rate hike in the near term, with futures implying a 78% chance of a steady outcome at the July 29 meeting.
reliability low1/2 sourcesThe data calendar kicks off with the US ISM Services survey later on Monday where forecasts favour a slight pullback to a still-healthy 54.0 in June.
reliability low1/2 sources
Reported detailssecondary facts, each attributed to its source
"Our view overall still is the Fed won't do anything, but clearly we've been above target on the Fed's preferred inflation measure for five years," he added.
according to Channel News Asia
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