Asian stocks were capped, and the dollar rose to a one week-high in early Thursday trade after the minutes of the Federal Reserve’s latest meeting showed broad agreement among board members on the need to raise borrowing costs further. The spectre of rising U.S. dollar yields, which along with global trade tensions were at the centre of last week’s global equities rout, kept riskier appetite in check in Asia. The minutes from the Fed’s Septa 25-26 meeting showed every Fed policymaker backed raising interest rates last month and generally agreed borrowing costs were set to rise further, despite U.S. President Donald Trump’s view that the tightening have already gone too far.
In Europe, the European Council meeting kicked off on Wednesday with a roundtable dinner, with British Prime Minister Theresa May’s address ahead of it, though expectations that anything substantial will come out of it have already been fading. Oil prices fell on Wednesday, with U.S. futures settling below $70 a barrel for the first time in a month, after U.S. crude stockpiles rose 6.5 million barrels, almost triple what analysts had forecast, while exports dropped.
Oil prices fell, with U.S. futures settling below $70 a barrel for the first time in a month, after U.S. crude stockpiles rose 6.5 million barrels, almost triple what analysts had forecast, while exports dropped. The West Texas Intermediate crude futures and Brent crude futures last traded at $69.79 and $80.08 a barrel, respectively.
Coming up today is the Retail Sales m/m from the UK which measures Change in the total value of inflation-adjusted sales at the retail level. And then later is the Philly Fed Manufacturing Index from the US.