A look at the day ahead in markets from Wayne Cole.
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, March 30, 2023. REUTERS/StaffOil prices have stolen the show in Asia on Monday, and not in a good way if you care about global inflation and consumer spending power.
Brent and U.S. crude futures both jumped more than 5%, though they were off the early peaks. Analysts assumed OPEC+ was trying to put a floor under prices, around $80 a barrel for Brent and $75 for the U.S. flavour of oil, and Goldman Sachs quickly raised its forecast to $95 a barrel for year end. If the price increase sticks, it will be bad news for headline inflation and will leave a sour taste after Friday's core U.S. Personal Consumption Expenditures data seemed toThe market responded by pushing bond yields and the dollar higher, while paring expectations for how much the Federal Reserve may cut rates later in the year. Futures have around 38 basis points of easing priced in by December, compared to more than 100 basis points during the banking crisis of mid-March.
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