The European Central Bank may need to raise interest rates to prevent higher fuel costs from the Iran war from spreading to wages and broader prices, ECB Chief Economist Philip Lane said on Wednesday.
Asian stocks clocked mild gains on Thursday, aided by some strength in chipmaking and technology stocks, while Chinese shares fell as a high-level U.S.-China summit kicked off in Beijing.
Malaysian glove stocks outperformed, with three of the sector’s top four producers surging over 10% in a highly active trading session on Monday.
Most Asian stocks moved in a flat-to-low range on Tuesday as a recent chip-fueled runup in technology shares lost steam, while markets remained on edge over few signs of de-escalation in the U.S.-Iran conflict.
Many American car buyers are gravitating to hybrid vehicles to offset the recent surge in gas prices from the Iran war, according to fresh industry sales data and dealers.
The oil market will take until 2027 to normalize if the disruption in the Strait of Hormuz persists beyond the middle of June, the CEO of the world’s largest oil company warned Monday.