CANBERA (dpa-AFX) - The massive spike in crude oil prices amid production cuts from major Middle Eastern producers and disruptions in the Strait of Hormuz has alarmed global markets, renewing worries about mounting inflation and weakening global economic growth.
Wall Street Futures are trading deep in the red. Benchmarks in Europe are trading with heavy losses. Earlier, Asian markets had finished trading with massive losses.
With the Middle East war showing no signs of de-escalation, the dollar index continued to climb. Bond yields hardened across regions as the shocking spike in crude oil prices unnerved markets.
Both the crude oil price benchmarks are now trading 13 percent higher on an overnight basis. Brent has gained almost 34 percent in the past week while WTI crude has rallied 44 percent during the same period.
With the dollar's surge curtailing the dollar-denominated prices of the yellow metal, Gold is trading with weekly losses of around 4 percent. Cryptocurrencies are however trading in overnight green zone.
Here is a snapshot of the major world markets at this hour.
Stock Indexes:
DJIA (US30) at 47,001.60, down 1.05% S&P 500 (US500) at 6,674.80, down 0.97% Germany's DAX at 23,317.69, down 0.98% U.K.'s FTSE 100 at 10,189.90, down 0.92% France's CAC 40 at 7,848.76, down 1.81% Euro Stoxx 50 at 5,630.20, down 1.57% Japan's Nikkei 225 at 52,728.72, down 5.20% Australia's S&P ASX 200 at 8,599.00, down 2.85% China's Shanghai Composite at 4,096.60, down 0.67% Hong Kong's Hang Seng at 25,408.46, down 1.35% South Korea's KOSPI at 5,251.87, down 5.96%
Currencies:
EUR/USD at 1.1556, down 0.53% GBP/USD at 1.3356, down 0.42% USD/JPY at 158.48, up 0.43% AUD/USD at 0.7017, down 0.18% USD/CAD at 1.3571, up 0.03% Dollar Index at 99.34, up 0.35%
Ten-Year Govt Bond Yields:
U.S. at 4.173%, up 0.97% Germany at 2.8986%, up 1.24% France at 3.590%, up 1.99% U.K. at 4.7580%, up 2.94% Japan at 2.187%, up 0.78%
Commodities:
Brent Oil Futures (May) at $104.33, up 12.56%. Crude Oil WTI Futures (Apr) at $102.89, up 13.19%. Gold Futures (Apr) at $5,103.51, down 1.07%. Silver Futures (May) at $83.768, down 0.64%.
Cryptocurrencies:
Bitcoin at $68,104.47, up 1.11% Ethereum at $2,002.46, up 2.82% BNB at $631.10, up 1.85% XRP at $1.35, up 0.15% Solana at $83.93, up 1.91%
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