Japan’s benchmark Nikkei 225 lost 1.3% in morning trading to 26,078.66. “Although China has had another wave of COVID, nothing new or market-related seemed to justify the severity of the move,” said Stephen Innes, managing partner at SPI Asset Management about the oil prices. Market volatility reflects growing worries among investors that economies are slowing under the weight of surging inflation and sharply higher interest rates, pressures that could tip them into recession. Brent crude, the international standard, gained $1.24 to $104.01 per barrel. benchmark crude oil was up 60 cents at $100.10 per barrel. crude oil sank $8.93, eventually settling below $100 a barrel for the first time since early May.Įarly Wednesday, U.S. Wall Street had a weak opening after markets were closed Monday for the Independence Day holiday. But the basic mood appeared to be wait-and-see.
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