Premarket: Global stocks drift as investors balance peak rate hopes with oil price rise

MSCI’s broadest index of world stocks, which rose almost 6% last month as the U.S. Federal Reserve paused its cycle of aggressive rate hikes, was flat in light trading, with Wall Street closed for the July 4 holiday.Earlier in the session, Australia’s central bank held interest rates steady at 4.1%, saying it needed time to assess the economic impact of its rate hikes so far.

This followed data on Monday from the Institute of Supply Management that showed U.S. manufacturing activity slumped in June to levels last seen during the initial wave of the COVID-19 pandemic in May 2020. Purchasing managers surveys showed a similar factory downturn in the euro zone. The minutes from the central bank’s last meeting are due later this week and could provide additional clues on policy direction, but also inject some volatility, he said.

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