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Global Market Today: Asia Stocks Waver as Yen Surges, Iran Warns of Retaliation
The yen strengthened and Brent briefly topped $98 a barrel as traders weighed Middle East shipping risks and tighter policy prospects.
- Asian stock markets opened mostly lower on Sept 8 as Middle East tensions pushed Oil prices higher, adding to inflation concerns. The MSCI Asia Pacific Index dropped 0.2 per cent, with benchmark gauges in Japan and Australia declining.
- Oil prices reflect ongoing volatility from weekend strikes involving Iran, as Tehran threatened to target energy infrastructure across the Gulf, pushing Brent crude futures to $97.04 a barrel.
- Following a 1.2 per cent rally on Sept 7, the Japanese yen advanced 0.4 per cent to 153.73 per dollar. Japanese real wages rose 2.4 per cent, strengthening the case for Bank in Japan tightening.
- Traders are pricing a 60% probability of a 25-basis-points Fed hike on Sept 16, according to CME Group's FedWatch tool. Bond markets remain nervy as participants adjust positioning heading into the Bank blackout period, according to Geoff Yu, senior macro strategist at BNY.
- Oracle Corp and Adobe report earnings on Sept 10, offering a fresh read on artificial intelligence infrastructure spending and the potential threat the technology poses to software makers.
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The Economic TimesReposted by 
Times of India
Times of IndiaGlobal Market Today: Asia stocks waver as yen surges, Iran warns of retaliation
On Tuesday, Asian markets exhibited a mixed bag of outcomes, with the yen gaining strength significantly. Oil prices surged for the third consecutive day, driven by escalating threats from Iran in the Persian Gulf. Japan's economy displayed a faster growth rate than previously forecasted, alongside a notable rise in real wages. Meanwhile, Australian shares faced a downturn as consumer sentiment plummeted in September.
·Mumbai, India
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Coverage Details
Total News Sources12
Leaning Left0Leaning Right6Center4Last UpdatedBias Distribution60% Right
Bias Distribution
- 60% of the sources lean Right
60% Right
C 40%
R 60%
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