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Global stocks stuck, oil sags

Agencies . Singapore
11 May 2023 00:00:00 | Update: 10 May 2023 23:08:12
Global stocks stuck, oil sags

Global stocks were lethargic and oil slid on Wednesday ahead of US consumer price data that could damage hopes for interest rate cuts later this year, while President Joe Biden’s failure to break a deadlock on the debt ceiling also dampened markets.

Europe’s benchmark STOXX index fell 0.3%, echoing a decline in MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), and S&P 500 futures also sagged.

The sour mood in European stocks came despite uplift from the financial sector, where expectation-beating earnings from Credit Agricole (CAGR.PA) helped banks (.SX7P) be the top sectoral gainers on the STOXX 600, reported Reuters.

Oil prices also sagged, ending a three-day rally, with Brent crude down $1 as US inventories rose in a possible sign of weakening demand.

“That’s the thing that’d get taken out if CPI numbers come in on the higher side,” said ING economist Rob Carnell.