The greenback steadied and stocks traded mixed amid elevated oil prices that reignited concerns over inflation.
Asian stocks traded mixed, with benchmark indexes falling in Hong Kong and mainland China, but rising in Japan for an eighth day. Chinese property developers extended their gains to nearly 8% on speculations that more stimulus will come. European and US equity contracts edged lower following the decline in the S&P 500 to below 4,500 in the previous session while an index of small caps slid about 2% and a gauge of homebuilders sank 5.5%.
Brent may continue to trade high on the supply cuts, with the price expected to hover at $90 from now until year-end and at $95 in the first half of next year, according to Heng Koon How, head of markets strategy at United Overseas Bank in Singapore. Careful move Traders will be looking at a slew of economic data from the US this month for clues on the Federal Reserve’s next rate decision.