Oil Gains Before US CPI, Asian Tech Stocks Rise: Markets Wrap

(Bloomberg) — Crude oil climbed as traders remained wary about the prospects for a Middle East deal, tempering the mood in the run-up to crucial US inflation data. Technology shares led gains in Asian equities.

Global benchmark Brent rose 0.8% to $89.60 a barrel, extending its rally to a sixth day. The advance came as both sides appeared to harden their positions in the long-deadlocked negotiations over the Strait of Hormuz, despite Pakistan’s defense minister saying the US and Iran are “close to some sort of arrangement.”

Sentiment toward technology remained buoyant, with CoreWeave Inc. surging 16% in extended trading after booming artificial intelligence spending drove stronger-than-expected sales growth. Super Micro Computer Inc. rallied 7.6% in the post market after its revenue forecast topped estimates.

The robust tech earnings helped MSCI’s Asia Pacific equities gauge advance 0.4%, with South Korea’s tech-heavy Kospi Index adding 2.8%. US equity-index futures were little changed.

The guarded tone in markets, ahead of Wednesday’s US consumer price index reading, highlights how investors are weighing persistent geopolitical risks against uncertainty over the Federal Reserve’s next move on interest rates. Hopes for a breakthrough in Middle East negotiations was damped after optimism about an imminent deal boosted risk assets last week.

“As each day passes without a resolution, market angst is steadily increasing,” Tim Waterer, chief market analyst at KCM Trade, wrote in a note. “Traders are growing more concerned that both sides are advancing demands that only add complexity and therefore reduce the likelihood of a workable deal materializing in the near term.”

In other corners of the market, the yen was little changed around 159.33 a dollar. Investors are watching the currency as it approaches the key level of 160, raising concern that Japanese authorities will intervene again. The dollar weakened against most of its Group-of-10 peers.

Treasuries steadied with the yield on the benchmark 10-year note little changed at 4.69%. Gold recovered some of Tuesday’s losses to trade around $4,390 an ounce.

The US CPI print is expected to show that energy-related pressures have eased after intensifying in the months immediately following the start of the Iran war.

The headline gauge probably rose 0.1% in July following a 0.4% decline in the prior month, based on the median projection in a Bloomberg survey of economists ahead of Wednesday’s Bureau of Labor Statistics release.

A softer reading may help alleviate some concern after three officials at the Federal Open Market Committee dissented in July in favor of raising interest rates.

“Today’s inflation print is likely to be pivotal for September FOMC pricing, while a rangebound dollar continues to favour carry trades,” Oversea-Chinese Banking Corp. strategists including Moh Siong Sim wrote in a report. Meanwhile, “renewed oil volatility is a reminder that oil-sensitive Asian FX is not yet out of the woods.”

US data Tuesday offered a mixed picture of the economy. Sales of existing homes fell to a three-month low as elevated prices and mortgage rates continued to weigh on the housing market. Small-business optimism climbed to the highest in almost a year as firms stepped up hiring plans and inflation pressures eased.

“We see crude oil prices driving the war narrative, with price swings likely to dictate the pace of escalation and de-escalation,” said Elias Haddad at Brown Brothers Harriman & Co.

Corporate Highlights:

Super Micro Computer Inc. gave a sales forecast for the current quarter that topped analysts’ estimates, a sign the booming artificial intelligence market continues to bolster sales of the company’s servers. CoreWeave Inc., a provider of computing that powers artificial intelligence systems, topped analysts’ estimates for second-quarter sales after signing up more customers in a booming market. SpaceXAI is rolling out new artificial-intelligence software that’s designed to act like a team of AI agents fielding assignments throughout the day, marking the latest bid by Elon Musk’s company to keep pace with Anthropic PBC and OpenAI. Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 10:38 a.m. Tokyo time Nikkei 225 futures (OSE) fell 0.3% Japan’s Topix rose 0.4% Australia’s S&P/ASX 200 fell 0.5% Hong Kong’s Hang Seng fell 0.8% The Shanghai Composite was little changed Euro Stoxx 50 futures fell 0.2% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1538 The Japanese yen was little changed at 159.32 per dollar The offshore yuan was little changed at 6.7469 per dollar Cryptocurrencies

Bitcoin was little changed at $63,711.03 Ether was little changed at $1,881.27 Bonds

The yield on 10-year Treasuries was little changed at 4.69% Japan’s 10-year yield advanced 2.5 basis points to 2.840% Australia’s 10-year yield was little changed at 5.03% Commodities

West Texas Intermediate crude rose 0.8% to $83.85 a barrel Spot gold rose 0.4% to $4,386.87 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Ruth Carson.

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