Stocks drop and oil rises as Hormuz hopes fade
- HONG KONG: Asian stocks mostly fell and oil prices extended gains as hopes for a reopening of the Strait of Hormuz fade amid expectations that the Federal Reserve will hike interest rates again next month.
- Hopes for an easing of Middle East tensions were dashed at the weekend when Donald Trump rejected Iran's offer for a seven-day truce.
- While he said talks would resume this week, that was unable to lift the gloom on trading floors, with traders contemplating further rises in inflation that will force the Fed to tighten monetary policy more.
Confirmed
- HONG KONG: Asian stocks mostly fell and oil prices extended gains as hopes for a reopening of the Strait of Hormuz fade amid expectations that the Federal Reserve will hike interest rates again next month.
- Hopes for an easing of Middle East tensions were dashed at the weekend when Donald Trump rejected Iran's offer for a seven-day truce.
- While he said talks would resume this week, that was unable to lift the gloom on trading floors, with traders contemplating further rises in inflation that will force the Fed to tighten monetary policy more.
Sources: CNA