MILAN, Oct 5 — World shares steadied near lows today as worries that rising oil prices will feed inflationary pressures appeared to ease, while the dollar regained strength ahead of US payrolls data on Friday seen as key to the Federal Reserve’s next move.
Asian shares fell for a third straight day, catching up with heavy losses in the United States, where investors dumped Big Tech as Facebook was hit by a nearly six-hour outage. “We prefer energy and materials, of course, and we’re worried about stocks with high multiples that price who-knows-what increase in earnings ,” he added.
Opec+ confirmed yesterday it would stick to its current output policy as demand for petroleum products rebounds, despite pressure from some countries for a bigger boost to production.“Opec+ may inadvertently cause oil prices to surge even higher, adding to an energy crisis that primarily reflects very tight gas and coal markets,” said Commonwealth Bank of Australia’s commodities analyst Vivek Dhar.