Asian Stocks Set for Steady Open; Crude Oil Jumped: Markets Wrap

asian stocks set for steady open crude oil jumped markets wrap

Sumary of Asian Stocks Set for Steady Open; Crude Oil Jumped: Markets Wrap:

  • Oil rallied after a U.S. government report showing a bigger-than-expected decline in crude stockpiles signaled a rapidly tightening market, with Brent crude scaling $75 a barrel.
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  • Article content An index of Chinese stocks listed in the U.S. slid a sixth day and U.S. casino firms with exposure to Macau tumbled.
  • Traders are also monitoring the fate of cash-strapped developer China Evergrande Group.
  • Investors continue to assess the outlook for economic reopening amid the delta virus strain outbreak and rising costs fueled by higher commodity prices and pandemic-related supply snarls.
  • The United Nations said the global economy is expected to undergo its fastest recovery in almost five decades this year, but warned about deepening inequities between advanced and developing nations.
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  • Article content “Global economic growth remains above trend, albeit past peak levels, supported by central bank liquidity, progress on vaccine distribution, and continued reopening momentum despite the spread of the delta variant,” T.

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