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Business Maverick: Stocks struggle, oil price jump saps sentiment: markets wrap

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Stocks in Asia struggled to gain traction and US equity futures fluctuated as negative sentiment persisted in markets amid fear that global central banks will keep hiking rates until inflation is tamed, raising the risk of a recession.

Equities made small gains in Japan and dropped in Hong Kong and Australia. Trading in Asia may be muted by a holiday in Sydney and South Korea on Monday and the week-long closure of Chinese markets for Golden Week.to trade near $82 a barrel on indications the OPEC+ alliance is considering slashing production by more than 1 million barrels a day to revive plunging prices when it meets this week. Commodity currencies gained.

The week’s cautious start comes after US stocks posted their third straight quarter of losses for the first time since 2009. Risk assets have been in a tailspin since the Federal Reserve delivered a third jumbo hike last month and officials repeatedly warned of more pain to come. Confidence among Japan’s large manufacturers unexpectedly worsened for three straight quarters following the yen’s rapid depreciation and deterioration in the global economic outlook, adding another headwind for local equities.

 

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