Oil prices fell sharply on Wednesday amid demand concerns, while stocks rose on Wall Street after recent losses. * Brent and WTI crude futures were down more than $3 by 1538 GMT, hitting their lowest since early February. Earlier, a report showed that China’s export growth slowed in August.
* Yields on US Treasuries fell after hitting three-month highs. The 10-year notes traded at 3.29%, while all three major Wall Street indices advanced in morning trading.
* Concerns that inflation remains elevated and continue to drive interest rates up have buoyed yields in recent weeks.
* The European Central Bank is expected to hike rates sharply when it meets this week, while the Fed could do the same by another 75 basis points at its September 20-21 meeting. US central bank president Jerome Powell is scheduled to speak on Thursday.
* “We have seen a global appreciation and it has generally been supported by an acceleration of expected tightening due to inflation concerns,” said Jonathan Cohn of Credit Suisse (SIX:CSGN) in New York.
* The pan-European STOXX 600 index fell 0.4% and the MSCI world stock index gained 0.07%. * The US currency weakened after hitting a new 24-year high against the yen. The dollar index fell 0.118%; the Japanese currency yielded 1.17%, to 144.50 units per dollar; and the euro appreciated 0.42% to $0.9944.
* The European Union on Wednesday proposed a price cap on Russian gas, hours after President Vladimir Putin threatened to cut off all supplies if such a move is adopted, raising the risk of rationing in some of the world’s richest countries. this boreal winter.
* Liz Truss, who took office as Britain’s prime minister on Tuesday, promised immediate action to help the economy, which is facing double-digit inflation and an expected prolonged recession.
* Sterling was trading at $1.1466, down 0.43% on the day.
