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Global Market Today | Stocks dive in Asia, brent crude heads for record monthly rise

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Global Market Today | Stocks dive in Asia, brent crude heads for record monthly rise
SYDNEY: Stock markets slumped in Asia on Monday as investors dug in for a protracted Gulf conflict that already has oil prices heading for a record monthly rise, bringing a spike in inflation and the risk of recession to much of the globe.

The Financial Times on Sunday quoted President Donald Trump saying the U.S. could seize Kharg Island in the Persian Gulf, from where Iran exports much of its oil, but also that a ceasefire could come quickly.

Pakistan said it was preparing to host “meaningful talks” to end the conflict over ‌Iran in coming days ⁠even though ⁠Tehran earlier accused Washington of preparing a land assault as the U.S. military sends more troops to the region.

Yemen’s Iran-aligned Houthis also launched their first attacks on Israel since the start of the conflict.

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“Iran’s control of the Strait of Hormuz, capacity to disrupt global energy and food markets, and sustained missile and drone capabilities give it little incentive to concede, pressuring the U.S. to escalate,” said Madison Cartwright, senior geo-economics analyst at Commonwealth Bank of Australia.


“We expect the war to run at least into June, with the risk tilted to a longer conflict.”
The clampdown on the Strait has sent prices for oil, gas, fertiliser, plastic and aluminium surging, along with fuel for planes and shipping. Prices for food, pharmaceuticals and petrochemical products are all set to rise. That is bad news for Asia, as much of the region is highly dependent on energy from the ⁠Middle East. ‌Japan’s Nikkei shed another 4.7%, bringing losses for March to almost 14%.

South Korea’s market fell 4.2%, while MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 1.2%.

S&P 500 futures lost 0.7%, while Nasdaq futures fell 0.9%. For Europe, EUROSTOXX 50 futures and DAX futures both slid 1.5%, while FTSE futures fell ⁠1.0%.

Brent crude rose 3.0% to $115.98 a barrel, bringing its gains for the month to 60% and topping the jump that followed Iraq’s invasion of Kuwait in 1990. U.S. crude climbed 3.0% to $102.52, making a monthly rise of 53%.

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“The longer the Strait remains closed, the sharper the drawdown in buffer supplies that could spark dramatic increases in the price of crude oil, natural gas and other commodities,” warned Bruce Kasman, global head of economics at JPMorgan.

“A scenario in which the Strait remains closed for an additional month would be consistent with oil prices rising towards $150/bbl and constraints on industrial consumers of energy supply.”

FED IN FOCUS AS PAYROLLS LOOM
The inflationary threat has led investors to revise up the outlook for interest rates almost everywhere. Markets now imply 12 basis points of tightening by the Federal Reserve this year, compared with 50 basis points of cuts a month ago.

Fed Chair Jerome Powell will have a ‌chance to air his own views at an event later on Monday, and the influential head of the New York Fed, John Williams, is also talking.

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Data on U.S. retail sales, manufacturing and payrolls this week will provide an update on how the economy is travelling. Jobs are seen rising 55,000 in March, after February’s shock 92,000 drop, keeping unemployment ⁠at 4.4%.

In the European Union, figures on Tuesday are forecast to show annual inflation leaped to 2.7% in March from 1.9% the month before, though core prices should be steadier.

The energy shock, combined with pressure on fiscal budgets from higher borrowing costs and the need for more defence spending, has slugged sovereign bond markets.

Ten-year U.S. Treasury yields are up roughly 47 basis points for the month so far at 4.428%, while two-year yields have climbed 54 basis points.

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Heightened volatility in markets has tended to benefit the U.S. dollar as the world’s most liquid currency. The United States is also a net energy exporter, giving it a relative advantage over Europe and much of Asia.

The dollar was holding at 160.12 yen, having last week crossed the 160 barrier for the first time since July 2024 when Japan last intervened to prop up the currency.

The euro was stuck at $1.1500, not far from the March trough of $1.1409.

In commodity markets, gold was down 1.0% at $4,445 an ounce , having drawn scant support as a safe haven or as a hedge against inflation risks.

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Nedlands, Port Hedland appoint new mayors in council overhaul

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Nedlands, Port Hedland appoint new mayors in council overhaul

New mayors and councillors have been elected as part of an overhaul of troubled councils, including the City of Nedlands and Town of Port Hedland.

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Meta Will Reportedly Give Next AI Glasses an Option for Prescription Lenses

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Ray-Ban Meta Smart Glasses

Meta is reportedly working on new models of the Ray-Ban Meta AI smart glasses, including an option to fit them with prescription lenses for those who need them.

Meta: AI Smart Glasses Gets Prescription Lenses Option

According to a report from Bloomberg, Meta has designed and developed new Ray-Ban Meta AI smart glasses with the option to fit prescription lenses. It was also revealed that these will be sold through traditional optical shops that offer prescription eyewear.

The report mentioned that Meta already gave users the option to add prescription lenses with its Meta Ray-Ban AI smart glasses in its previous iteration, but this is the first time the company is focusing on marketing it for this specific target market.

It was not revealed in the report how these smart glasses will differ from the existing prescription lenses option available from Meta, but the option coming to traditional eyewear channels would be a new thing from the company.

When Will Meta Release These New Smart Glasses?

According to Bloomberg’s report, Meta will announce the new AI smart glasses sometime this week or in the next, noting that the device would not be the “next generation” releases from the company.

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Engadget said that the next-gen releases are two new models that may be the wearables codenamed “Scriber” and “Blazer,” whose filings were previously spotted by The Verge. These codenames were seen in filings submitted to the Federal Communications Commission (FCC), where it was also revealed that the devices are production units.

The speculation claims that an actual product launch of the new Meta Ray-Ban AI glasses models may be right around the corner, but it remains unconfirmed when exactly these will be available.

Originally published on Tech Times

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Asia stocks sink as Iran fears weigh; Japan leads losses after BOJ comments

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Asia stocks sink as Iran fears weigh; Japan leads losses after BOJ comments

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ACCA Wales on its four priorities for the next Welsh Government

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Head of ACCA Cymru/Wales Lloyd Powell.

Accountancy body ACCA Wales is calling on the next Welsh Government to reform business rates and create a world class skills and career system. Ahead of the Senedd Election in May ACCA (Association of Chartered Certified Accountants) Wales says political parties should commit to four priorities that will underpin Wales’ future prosperity.

The global professional accountancy body, has 6,400 members and students in Wales working in all sectors of the economy.

READ MORE: Port Talbot gets £64m from UK Government to create floating offshore wind portREAD MORE: Wales’ poor record on securing research and innovation funding

It says the next Cardiff Bay administration should:

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  • Build a world-class skills and careers system by expanding higher-level apprenticeships, accelerating short-course provision and embedding employer voice across regional and national skills planning, particularly for in demand competencies like digital and green skills
  • Create the conditions for sustainable business growth through investment in infrastructure and connectivity, business support and stronger engagement between government and key sectors
  • Strengthen public finance, productivity and tax certainty with greater funding certainty through multi-year budgets, a simpler tax environment and reform of the business rates system.
  • Enable a practical and just transition to net zero by providing targeted support for small businesses and strengthening climate reporting across public bodies.

On business rate reform it said there needs to rebalance of rates across all businesses, and not penalising firms who invest in their premises.

The prospectus also exemplifies how finance professionals can support these asks and work with policymakers to drive change within businesses and organisations of all sizes.

Lloyd Powell, head of ACCA Cymru/Wales, said: “Accountancy is a cornerstone profession of society; it is vital to help economies, organisations and individuals grow and prosper. In Wales, finance professionals sit at the heart of the economy, public services and transition to net zero. They enable growth, stability and innovation across every sector.

“We stand ready to work in partnership with the Senedd and Welsh Government to deliver the ambitions set out in our prospectus, ensuring Wales has the skills, institutions, and financial leadership required to thrive. Our calls are clear. This is not about party politics, but about practical actions that can support businesses, public finances and long-term prosperity.”

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Fitness brand Transform Hub plans 11 more gyms as it continues national expansion targeting customers over 35

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Franchise business launched by personal trainer James Calderbank wants to reach 100 sites

Fitness brand Transform Hub, which helps over-35s to get fit, is planning to roll out another 11 locations across the UK this year

Fitness brand Transform Hub is planning to roll out another 11 locations across the UK this year(Image: Transform Hub)

A North West fitness brand that targets over 35s who want to get healthy is planning to roll out another 11 locations across the UK this year.

Transform Hub focuses on group-based personal training classes. It was founded in Preston by personal trainer James Calderbank and is now headquartered in Knutsford, Cheshire.

The franchise business already has 27 gyms across the UK but is now planning to roll out new venues in Worcester, Cheltenham, Southampton, Altrincham, Hull, Cambridge, Northampton, Nottingham South, Winchester and Gosforth. It aims to reach 100 gym sites by 2028.

Meanwhile, the franchise has secured IP trademarks in the US and Europe as bosses plan for gradual expansion overseas.

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In 2023, Transform Hub secured £1m in backing from investors Andy Bell and Fergus Lyon. The business says that last year its gym memberships rose 28.4%, from 2,878 to 3,695 active members, helping revenues rise 61% to £1.7m. It says around 80% of its members are aged 30-60.

Founder and CEO of Transform Hub, James Calederbank said: “When I first created Transform Hub, I saw a huge gap in the market for people to access personal training in a different way. Online coaching delivers incredible accountability and lifestyle change, while in-person training creates energy, community, and real momentum. But most people were forced to choose one or the other. Transform Hub connects the two.”

He added: “What’s also exciting is the opportunity this creates for franchise partners: people looking to open gyms under the Transform Hub name.”

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Woodside pulls Browse carbon plan

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Woodside pulls Browse carbon plan

Woodside Energy says it remains committed to capturing and storing emissions from its proposed Browse gas project, despite withdrawing a plan from the regulatory process.

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Bluesky Introduces Agentic AI ‘Attie’ That Delivers Custom Feeds Based on Preferences

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Bluesky is the latest social media platform to introduce its very own AI chatbot, with Attie being formally introduced to the world as the technology is set to deliver custom feeds to users with simple prompts.

Attie can understand natural language and help users create a feed that they want without the hassle of learning how to code.

Bluesky Introduces New Agentic AI Social App, Attie

Bluesky’s former CEO and now Chief Innovation Officer, Jay Graber, recently shared a new development from the company called “Attie,” the company’s latest take on a generative artificial intelligence platform, but it is not exactly a chatbot.

Instead of talking to Attie to learn about various topics, create write-ups, and more, the new agentic AI will help users create their own feeds on Bluesky.

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The new agentic AI was built using Anthropic’s Claude chatbot, and the app was built on the same underlying protocol that Bluesky is using, the open-source framework AT Protocol.

According to Graber, users need not be intimidated to create their custom feeds on Bluesky with the help of Attie as the experience will only feel like users are “having a conversation rather than configuring software.”

Attie: Create Custom Feeds Using Natural Language

As mentioned earlier, users may create custom feeds using Attie. The company’s development of this new agentic AI centers on using natural language that will allow users to freely talk to the chatbot like in a normal setting with friends, but it can get complex work done, like coding, to create a feed based on their preferences.

It has been almost three years since Bluesky first arrived in the tech industry, with the platform then popularizing the use of custom algorithmic feeds on the social media experience.

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Users only need to describe the content they want to see on their feed to Attie to get started. For example, they only need to tell the agentic AI to “build a feed that gives me updates on new and upcoming console game releases from accounts that I follow.”

The agentic AI will act as a coding agent to create the feed without users actually writing code.

Originally published on Tech Times

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Excise cut as new fuel plan brought in

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Excise cut as new fuel plan brought in

Premier Roger Cook has welcomed the federal government’s decision to half fuel excise, saving motorists about 26 cents a litre in petrol and diesel at the bowser.

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Dollar holds firm as markets brace for drawn-out Middle East war

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Dollar holds firm as markets brace for drawn-out Middle East war


Dollar holds firm as markets brace for drawn-out Middle East war

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Albanese Cuts Fuel Excise on Petrol, Diesel for Three Months

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Australian Prime Minister Anthony Albanese
Australian Prime Minister Anthony Albanese
Wikimedia Commons

Prime Minister Anthony Albanese has announced that fuel excise will be cut in half for petrol and diesel beginning April 1.

This will be in effect for three months and will reduce cost of fuel by 26.3 cents a litre.

Fuel Excise Halved for Three Months

According to a report by ABC News, the announcement was made after a meeting of the national cabinet with state and territory leaders. During this meeting, a four-point action plan to deal with the fuel crisis was also discussed.

Albanese also went on to claim that Australia is on “level two” of the fuel crisis. The goal, according to the prime minister, is to “keep Australia moving.”

He likewise said that the country is still far from reaching the next level, which will require “taking targeted action.”

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There is still a level four, which will entail “protecting critical services.”

Albanese has also called for citizens to only take the fuel they need as to not cause even bigger supply problems.

NSW Premier Reacts to National Fuel Plan

According to 9News, New South Wales Premier Chris Minns said that he welcomes the action plan. He likewise commented on how long he thinks the ongoing conflict in the Middle East will continue.

“We are not necessarily sure what will happen in the Middle East in the next three or six months,” Minns said. “We are not making a decision today to tell people to cancel their trips around the state or cancel Easter holidays.

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“But as time goes on, we may tell people to use their common sense on this and reduce their usage,” he added.

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