Oil Holds Gains, Asian Stocks Set for Muted Open: Markets Wrap

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessOil Holds Gains, Asian Stocks Set for Muted Open: Markets WrapOil held onto a rally as hopes faded for a deal to reopen the Strait of Hormuz, while Asian stocks were set for a muted start ahead of key US inflation reports.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.n9nzy1mfoysnv}szpyon6od6_media_dl_1.png ICE(Bloomberg) — Oil held onto a rally as hopes faded for a deal to reopen the Strait of Hormuz, while Asian stocks were set for a muted start ahead of key US inflation reports.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountUS crude was steady near $82 a barrel in early trading after gaining about 9% over the previous three sessions. Equity futures indicated a flat open for Sydney and Hong Kong benchmarks, while Tokyo is closed for a holiday. S&P 500 contracts were steady after the benchmark closed little changed on Monday.President Donald Trump lashed out against Iran’s demands for compensation as part of talks to wind down the conflict, dimming hopes of a quick agreement that would reopen the strait. Trump had signaled on Sunday that he was prepared to let economic pressure on Iran build, rather than launch fresh strikes. Higher energy costs spurred by the Middle East war are stoking concerns the Federal Reserve will have to raise rates this year despite a labor-market slowdown. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“The failure of the governments to hold talks is worrying Wall Street participants, who had thought last week that the path to an agreement was increasingly narrow,” said Jose Torres at Interactive Brokers.While stocks had seen a burst of enthusiasm about a possible reopening of Hormuz, markets may be less likely to respond positively to vague reports about progress in talks, said Chris Larkin at E*Trade from Morgan Stanley.“The jobs report may have eased some anxieties about a Fed rate hike next month, but those concerns could hit new highs without cooler-than-expected inflation numbers this week,” he added.The closely watched consumer price index is seen rising 0.1% in July following a 0.4% decline in the prior month, based on the median projection in a Bloomberg survey of economists ahead of Wednesday’s Bureau of Labor Statistics release.Fed Bank of Cleveland President Beth Hammack told Yahoo Finance it’s possible that a number of rate hikes may be needed to bring inflation down to the target, but she doesn’t want to prejudge what the end point will be.Elsewhere, the yen was steady after tumbling 1% on Monday, wiping out some of the gains triggered when authorities from the US and Japan intervened to support the currency. Meanwhile, Australia’s central bank is poised to keep interest rates unchanged for a second meeting later on Tuesday.What Bloomberg Strategists say…“Macro data are set to regain control of the equity narrative. That puts added weight on the inflation report, which could go a long way toward cementing expectations for the September FOMC meeting.”—Tatiana Darie, Macro Strategist, Markets Live. For the full analysis, click here.Some of the main moves in markets:Hang Seng futures were little changed as of 7:03 a.m. Tokyo timeS&P/ASX 200 futures were little changedThe Bloomberg Dollar Spot Index rose 0.2% on MondayBitcoin was little changed at $64,077.31Ether fell 0.2% to $1,873.77The yield on 10-year Treasuries advanced six basis points to 4.71%Spot gold was little changedWest Texas Intermediate crude rose 0.1% to $82.21 a barrelThis story was produced with the assistance of Bloomberg Automation.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.