Asian Stocks Poised for Cautious Open; Oil Rallies: Markets Wrap

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(Bloomberg) -- Asian equities look set for a cautious open Wednesday as global markets gear up for a key inflation report that’s expected to bring insights on the outlook for the Federal Reserve’s benchmark interest rate. Oil rallied on strains in global supplies.Most Read from BloombergApple iPhone 15 Event Will Tout Enhanced Camera, Titanium FinishTrudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From ModiThe Mighty American Consumer Is About to Hit a Wall, Investors SayAp

Futures for Japanese and Australian shares pointed to marginal declines while contracts for Hong Kong rose slightly and a gauge of US-listed Chinese companies was little changed.

The gains in crude sent energy shares higher and added to concern about inflationary pressures. Oil reached a 10-month high as production cuts by leaders of the OPEC+ contribute to projections for the tightest crude in a decade in the months ahead. With the US economy defying pessimism and energy prices rising, Wednesday’s consumer-price index is expected to show a pick-up in inflation pressures. Swap traders are currently betting the Fed will stay on hold at a policy meeting next week, and see roughly a 50% chance that it delivers a hike in November.

CPI is key because if it halts its downward trend, markets will have to price in a more hawkish Fed — and that would be a headwind on stocks, said Tom Essaye, a former Merrill Lynch trader who founded The Sevens Report newsletter.

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