Oil spikes while stocks slide ahead of US Fed rate decision
Oil prices surged 5% on concerns of a prolonged blockade of the Strait of Hormuz, while stocks slid ahead of the US Federal Reserve's rate decision. Investors are also watching tech firm earnings, particularly spending on artificial intelligence by Amazon, Google, Meta, and Microsoft.
Oil prices jumped around 5% on concerns of an extended blockade of the Strait of Hormuz. The US Federal Reserve is expected to keep interest rates unchanged, with markets watching its guidance on inflation as energy costs rise. International benchmark Brent crude rose to $117 a barrel. Wall Street's main stock indices dipped, and stock markets in London, Paris, and Frankfurt were lower. Investors are awaiting earnings updates from tech firms, particularly Amazon, Google, Meta, and Microsoft, to see if their AI spending is translating into revenue. Shares in UBS and Adidas rose on strong earnings reports, while Asian stock markets mostly rose.
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