Crude oil steadied after rallying to a 10-month high on forecasts by OPEC - HDFC Securities
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GLOBAL MARKET ROUND UP
* Gold prices traded near a two-week low before inflation data that’s expected to give a clearer picture of the US interest-rate path. The US CPI for August, to be released later today, will provide evidence on the effectiveness of the Federal Reserve’s inflation-busting tightening campaign and whether further hikes are needed.
* Crude oil steadied after rallying to a 10-month high on forecasts by OPEC and the US that output cuts will tighten the market in the months ahead. NYMEX WTI crude oil traded above $89 a barrel after rising 1.78% on Tuesday
* Copper and other industrial metals declined as traders assessed the outlook for China’s ailing property sector. Still, concerns around China’s property sector resurfaced on Tuesday after holders of yuan bonds issued by Sino-Ocean Capital rejected a motion to extend the principal and interest payment, a further signal that investor sentiment remains bleak.
* Asian stocks are trading flat on mixed cues from global markets. U.S. futures were trading in a tight range after closing in the red in the previous session.
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