LONDON, Sept 28 — World stocks were on track for their longest losing streak in two years today as the sight of oil prices nearing US$100 a barrel compounded concerns about persistently high global interest rates.
Europe's oil and gas stocks were up 0.5 per cent and close to their highest since 2014, whereas the prospect of higher energy costs and sticky inflation piled more pressure on bond markets. "What we have got is a beautiful inflection point," Mizuho's Head of Global Macro Strategies Trading, Peter Chatwell, said, explaining that markets were now sensing that both economic growth and inflation could stay strong next year.
The strong dollar has the Japanese yen within a whisker of 150-per-dollar, seen as a level likely to provoke an official response or intervention. Focus in the US session will be on the final reading of second-quarter GDP and weekly jobless claims data to gauge the strength of the US labor market. A number of central bankers are also putting in an appearance, most notably Federal Reserve Chair Jerome Powell at 2000 GMT.Chinese markets had limped toward a long holiday that begins on Friday. The break may be a welcome one for traders after weeks of bad news in the country's struggling property sector.
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