Asia doubts that oil has reached a 3-year high

By Wayne Cole

Sydney (Reuters) – Asian stocks began cautiously on Monday, raising oil prices to three years and could fuel inflation fears and exacerbate the recent fallout from some major central banks.

International outages have forced energy companies to export more raw materials, and Europe’s natural gas shortages have pushed up costs across the continent, pushing oil upside down in July. [O/R]

Brent added another 62 cents on Monday to $ 78.71 a barrel, while American crude rose 71 cents to $ 74.69.

Analysts at Goldman Sachs wrote in a customer note: “We predict this rally will continue.

“The current global demand for oil is greater than we expected, and we are recovering from Delta’s impact on global demand faster than we had previously agreed.”

Such an increase could lead to speculation that global inflation will last longer than expected and speed up the very cheap currency, while boosting bond prices will support growth in banking and energy stocks.

Outside Japan, the ACC-Pacific stock index was flat after three consecutive weeks of loss.

Japan’s Nike has gained 0.4% of its funding target following the election of a new prime minister.

Nasdaq futures are up 0.1%, and S&P 500 futures are up 0.3%.

The fate of China’s Evergrag Group has been largely uncertain this week after the real estate giant missed out on payments on beach bonds.

Shares in Hong Kong are under intense pressure, although the government in Beijing is adding more fluidity to its financial system.

We expect to allow policymakers in China to keep an eye on the risk reduction, but we are confident that they will actively manage reorganization and effectively control the flow of funds, ”analysts at JPMorgan said in a statement.

Eyes will also be on this week’s US fiscal policy on the $ 1 trillion infrastructure bill, which could force federal agencies to close the second partial government in three years by the September 30 deadline.

The week was filled with speeches by the US Federal Reserve, led by Chairman Jerome Paul, on Tuesday and Wednesday, with more than a dozen other events on the calendar.

The US Central Bank and several other recent fallout from the world saw bond production last week before a sharp end.

As the world struggles to find the cheapest currency, the 10-year treasury is up 1.46% since early July, when the trade could resume.

The increase in production was based on the US dollar, especially in new currencies comparable to international currencies.

The dollar was strong at $ 93.292, up from $ 93.734 in August 10.

At 110.79, he even created some land on Yen to reach a major table hurdle. That vacation will take the money to the tourist area from the beginning of July.

The euro was stable at $ 1,1719 as investors considered the implications for the German government, led by the Central Left Social Democrats.

The Social Democrats say it is the “clear mission” to lead a government for the first time since 2005 that ended Conservative rule under Angela Merkel in 2005.

On the left, he said, the possibility of a political transition suggests that Germany’s fiscal position may be less than expected in the next few years. This will eventually benefit the euro.

The stronger dollar is weighed against gold, with $ 1,748 per ounce and $ 1,738 less than six weeks.

(Reporting by Wayne Cole; Correction by Christopher Cushing)


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