By Gregor Stuart Hunter and Johann M Cherian July 22 Global stocks rose on Wednesday, lifted by energy shares, after crude prices hit six-week highs, while U.S. equity futures fell ahead of key earnings from U.S.
Big Tech and the dollar dipped against other major currencies
Traders also kept a wary eye on the Japanese yen that nudged higher after sources told Reuters that the Bank of Japan was on alert to upside inflation risks that could lead to faster interest rate hikes than markets project. Two oil tankers carrying Saudi crude to Asia reversed course in the Red Sea on Tuesday following threats of attack from Yemen’s Iran-aligned Houthis, dampening hopes that the end to the recent spike in tensions could be imminent, which sent Brent crude prices up 3.5% to $94.22 a barrel – their highest since early June. President Donald Trump said all generic drugs brought into the U.S. will carry a tariff of 0% for two years from August 1, after which the rate will rise to 100% for one year and 200% thereafter.
He slapped a 50% tariff on some Canadian goods earlier this week. The MSCI All-World index was last up 0.1% on the day, while in Europe, oil and gas stocks helped send the STOXX 600 up 0.6%. By contrast, futures on the tech-heavy Nasdaq slipped 0.6% and those on the S&P 500 were down 0.2%.