Milan — World shares edged off the previous days lows on Tuesday as worries that rising oil prices will feed inflationary pressures appeared to ease, while the dollar regained strength before US payrolls data on Friday that is seen as key to the Federal Reserve’s next move.
Wall Street was also firmer with the Dow Jones industrial average up 0.56% and the S&P 500 adding 0.76%. “More than anything else, we are concerned about the impact of stagflation on the general indices, which are very high,” said Giuseppe Sersale, fund manager at Anthilia. “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 on Monday 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 Vivek Dhar, Commonwealth Bank of Australia’s commodities analyst.
The dollar index, which tracks the greenback versus a basket of six currencies, was last up 0.1% at 93.9, while the euro fell 0.16% to $1.1602.
✔✔ Congratulations to yesterdays winners. 〽️✅For today's Booking, 📞Whatsapp +13866012632 Or click on the link ©️〽️ Email Skyfutbolusa.com