Oil Holds Slump as US Stockpile Surge Highlights Demand Concerns
Oil held a drop as a big jump in US crude inventories added to concerns about weakening demand.
Oil held a drop as a big jump in US crude inventories added to concerns about weakening demand.
South Korea’s inflation slowed more than expected in an indication policymakers are making progress in their campaign to cool price growth even as the weakening won may pose a challenge to those efforts in coming months.
The resilience of corporate Australia to rising interest rates has taken traders and economists by surprise in recent months. Now, the boss of the country’s biggest lender to businesses says he’s been caught out too.
Asian equities slipped after Federal Reserve chair Jerome Powell downplayed the prospect of further interest-rate hikes. The yen resumed losses after a sudden jolt higher that hinted at official intervention.
The yen advanced more than 3% against the dollar late in New York, fueling speculation that Japanese authorities intervened for a second time this week to support the currency after a prolonged bout of weakness.
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