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Business Maverick: Stocks resume rally, oil jumps on production curb: markets wrap

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Investors signalled belief in a fledgling equity rally as US futures erased a Wednesday decline and an index of Asian stocks traded higher, suggesting that markets are downplaying the impact of rising oil prices.

Stocks in Japan and South Korea rose while Australian shares fluctuated and Hong Kong equities edged lower after their best day in six months. The gain in contracts for the S&P 500 reversed a small decline in the index on Wednesday. European futures advanced. The bullish sentiment weakened the dollar after its biggest jump in a week on Wednesday. The pound gained ground even after Fitch Ratings downgraded its UK outlook to negative.

Upward pressure on energy prices threatens to prolong above-target inflation, dashing hopes that central banks may soon relent from aggressive interest rate increases. Investors will remain keenly focused on US jobs data on Friday for further clarity. Goldman Sachs Group increased its fourth-quarter price target for Brent crude oil to $110, implying a jump of almost a fifth from today’s level.

 

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