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Deutsche Bank’s Jim Reid notes that higher Oil prices and hawkish US inflation data created a challenging backdrop for equities.

West Texas Intermediate (WTI), futures on NYMEX, corrects to near $97.20 during the European trading session on Wednesday. The Oil price gives back some of its recent gains as escalating hawkish Federal Reserve (Fed) bets have raised concerns over the oil demand outlook.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its gains for the second successive day, trading around 98.40 during the European hours on Wednesday.

OCBC’s Christopher Wong notes the US Dollar (USD) strengthened after hotter United States (US) Consumer Price Index (CPI) data lifted UST yields and revived Fed hike expectations, with focus now on US Producer Price Index (PPI).

Commerzbank highlights that Brent crude surged 3.4% to around USD107.77 as supply disruptions in the Persian Gulf intensified. Satellite imagery shows Iranian exports from Kharg Island nearly halted, with tankers used as floating storage.

The European Union’s dependence on liquefied natural gas from the United States is set to rise significantly, reaching 80% of all LNG imports in two years, the Institute for Energy Economics and Financial Analysis has warned. In a report cited by Reuters, IEEFA noted that the European Union already

The Federal Court of Australia has ruled that Fortescue must compensate the Yindjibarndi Ngurra Aboriginal Corporation (YNAC) for cultural loss with an amount of A$150m ($108.4m). The post Fortescue to compensate Yindjibarndi with $108.4m for cultural loss appeared first on Mining Technology.

Australia is advancing cobalt refining, but competing with China’s scale and cost advantages will require carving out a narrower niche. The post Can Australia turn cobalt into a viable battery supply chain? appeared first on Mining Technology.

The Japanese Yen (JPY) trades lower against the US Dollar (USD) during the European trading session on Wednesday, with the USD/JPY pair edging higher to near 157.70.

MUFG’s Michael Wan describes how a stronger US Dollar environment emerged as United States (US) April Consumer Price Index (CPI) surprised to the upside and US yields climbed.

Commerzbank strategists note that USD/INR climbed to a new record high as elevated global Oil prices and firm domestic Dollar demand from importers weigh on the Indian currency.

European Central Bank (ECB) Governing Council member and Governor of the Bank of France, François Villeroy de Galhau, said on Wednesday that the central bank must be ready to intervene in the second round effects.

Silver price (XAG/USD) trades firmly near $87.00 in the early European trade on Wednesday. Earlier in the day, the white metal posted a fresh two-month high of $87.82.

The USD/CHF pair trades on a flat note around 0.7805 during the early European trading hours on Wednesday. Traders await the key US inflation data and continue to assess the developments surrounding US-China talks later this week.