- Ex-Barcelona and Spain great Iniesta retires aged 40
- Duo wins Physics Nobel for 'foundational' AI breakthroughs
- German 'Maddie' suspect could be free in 2025 after cleared of separate sex crimes
- China slaps provisional tariffs on EU brandy imports
- Ex-skipper Skelton eyes Wallabies November return
- Spanish great Iniesta leaves indelible legacy after retirement
- Indian Kashmir elects first regional government in a decade
- Hong Kong stocks crash, oil prices retreat on fading China boost
- Man City accuse Premier League of 'misleading' claims after legal case
- Duo wins Physics Nobel for key breakthroughs in AI
- Agha defies England as Pakistan post 515-8 in first Test
- September second-warmest on record: EU climate monitor
- Pastor wanted by US for sex trafficking to run for Philippine senate
- Mozambican writer Mia Couto dreams future leaders set an 'example'
- German 'Maddie' suspect could be free soon after cleared of separate sex crimes
- China says to take anti-dumping measures against EU brandy imports
- German suspect in 'Maddie' case cleared in separate sex crimes trial
- Israel expands offensive against Hezbollah in south Lebanon
- China stocks rally fizzles on stimulus worries amid Asia retreat
- Bangladesh's Yunus says no elections before reforms
- England strike twice as Pakistan reach 397-6 at lunch in first Test
- China stocks rally peters out on stimulus worries amid Asia retreat
- Taiwan's Foxconn says building world's largest 'superchip' plant
- Kenya's deputy president faces impeachment vote
- N. Korean soldiers 'highly likely' killed in Ukraine: Seoul
- 'Appeals Centre' to referee EU social media disputes
- US Supreme Court to hear 'ghost guns' regulation case
- 'Small' oil leaks detected in Samoa after NZ navy shipwreck
- Nobel literature jury may go for non-Western writer
- At Istanbul church, blessed spring offers hope to Christians and Muslims
- From Bolivia to Indonesia, deforestation continues apace
- Myanmar to send rep to regional summit for first time in three years
- Prabowo set to lead bolder Indonesia on world stage
- Tampa zoo rushes Chompers the porcupine and others to safety as Milton nears
- Shanghai stocks pare early surge on stimulus worries amid Asia retreat
- New Japan PM to hold talks on ASEAN sidelines
- Record number of climbers chase 14-peak dream in Tibet
- Former South Korea clinic for US 'comfort women' to be demolished
- China holds off on fresh stimulus but 'confident' will hit growth target
- Chiefs battle past Saints to stay unbeaten
- Deal on climate aid hangs in balance at UN COP29 summit
- Royals hit back against Yankees, Tigers maul Guardians
- German suspect in 'Maddie' case faces verdict in sex crimes trial
- Top economic official 'confident' China will hit 2024 growth target
- COP29 fight looms over climate funds for developing world
- Shanghai stocks soar to extend stimulus rally amid Asia-wide drop
- Australia moves to expand Antarctic marine park
- Tragedy of Madrid street sweeper highlights how heatwaves kill
- Survivors wait for aid as Trump's lies help cloud Helene response
- Fleeing Israeli bombs, Lebanon's displaced met with suspicion
CMSC | -0.53% | 24.57 | $ | |
RIO | -0.11% | 69.62 | $ | |
RBGPF | 100% | 60.52 | $ | |
NGG | -1.56% | 65.48 | $ | |
RYCEF | -0.15% | 6.87 | $ | |
SCS | -0.15% | 12.95 | $ | |
GSK | -0.49% | 38.63 | $ | |
BTI | -0.26% | 35.2 | $ | |
RELX | -0.54% | 46.04 | $ | |
CMSD | -0.09% | 24.79 | $ | |
AZN | -0.78% | 76.87 | $ | |
BCC | 1.68% | 141.27 | $ | |
VOD | 0.31% | 9.69 | $ | |
JRI | -0.76% | 13.18 | $ | |
BCE | -0.54% | 33.53 | $ | |
BP | 0.78% | 33.14 | $ |
Oil prices surge over Middle East tensions
Oil prices jumped Monday after an escalation of hostilities between Israel and the Iranian-backed Lebanese militant group Hezbollah raised fears of a wider conflict in the Middle East.
Brent, the global benchmark, rose over three percent to trade at more than $81 per barrel.
Stock markets were mixed, taking a breather after US Federal Reserve chief Jerome Powell gave investors a boost last week by signalling that an interest rate cut was coming.
Israel and Hezbollah traded a barrage of fire Sunday after 10 months of cross-border clashes.
Hezbollah said it had launched a large-scaled drone and rocket attack on Israel.
Israel said it conducted air strikes into Lebanon that destroyed "thousands" of Hezbollah rocket launchers and thwarted a major attack.
The oil market was also reacting to Libya's eastern-based administration declaring that it was shutting down oil fields under its control and "suspending all production and exports until further notice".
The move by the Benghazi-based administration, which controls most of the country's oil fields, comes amid rising tensions after the UN-recognised government based in the capital Tripoli replaced the central bank governor on Monday morning.
- Stocks markets diverge -
In equities, Wall Street opened mixed, with the Dow and S&P 500 extending gains while the tech-heavy Nasdaq fell.
Paris CAC 40 rose in afternoon deals while Frankfurt and Milan were flat. London was closed for a holiday.
In Asia, Tokyo and Seoul finished in the red but Hong Kong and most other exchanges rose.
"It looks like the market had a very big move up in the last three weeks. Now we're seeing some profit taking," said Adam Sarhan of 50 Park Investments.
Equities had surged on Friday after Powell declared at a summit of central bankers in Wyoming that "the time has come" for the Fed to reduce rates that were raised to a 23-year high to tame inflation.
The Fed is now expected to slash its key rate at the next policy meeting on September 17-18, and the only doubts are how big the cut will be and how many more would follow.
The remarks helped push all three main New York indexes more than one percent higher on Friday.
Powell stressed that the "timing and pace" of cuts would depend on data, so analysts will keep a close eye on indicators in the coming weeks.
New US second-quarter economic growth figures will be published Thursday, followed by the Fed's preferred gauge of inflation -- the personal consumption expenditures (PCE) price index -- on Friday and jobs data next week.
Weak jobs data rocked the markets in early August, as analysts worried that the Fed had waited too long to cut rates and avoid a recession.
Deutsche Bank analysts said they expect the Fed to cut rates by 0.25 percentage points next month but that "weak labour-market data could shift the focus" to a half-point reduction.
- Key figures around 1400 GMT -
Brent North Sea Crude: UP 3.1 percent at $81.47 per barrel
West Texas Intermediate: UP 3.5 percent at $77.48 per barrel
New York - Dow: UP 0.5 percent at 41,373.39 points
New York - S&P 500: UP 0.1 percent at 5,639.11
New York - Nasdaq Composite: DOWN 0.3 percent at 17,824.37
Paris - CAC 40: UP 0.4 percent at 7,603.74
Frankfurt - DAX: FLAT at 18,630.65
London - FTSE 100: Closed for a holiday
Tokyo - Nikkei 225: DOWN 0.7 percent at 38,110.22 (close)
Hong Kong - Hang Seng Index: UP 1.1 percent at 17,798.73 (close)
Shanghai - Composite: FLAT at 2,855.52 (close)
Dollar/yen: UP at 144.45 yen from 144.34 yen on Friday
Euro/dollar: DOWN at $1.1156 from $1.1193
Pound/dollar: DOWN at $1.3183 from $1.3209
Euro/pound: DOWN at 84.62 pence from 84.70 pence
burs-lth/db
C.Garcia--AMWN