By Harry Robertson and Wayne Cole LONDON/SYDNEY, Aug 10 Global equities inched higher on Monday after Wall Street hit a record high on Friday, with markets focused on the outlook for Federal Reserve interest rates and a potential deal to reopen the Strait of Hormuz energy…
ansit route. Europe’s continent-wide Stoxx 600 index rose 0.2%, while futures for the U.S
S&P 500 climbed 0.1% and those for the tech-focused Nasdaq firmed 0.2%. U.S. stocks hit a record high on Friday after a weaker-than-expected jobs report caused traders to cut their bets on Fed rate hikes. As markets focus on inflationary pressures, Iran said on Sunday that a deal with Oman about transit through the Strait of Hormuz was in its final stages.
Yet Iran reiterated that the waterway would only reopen once the United States met other conditions, including compensation and an end to sanctions and military threats. Brent crude rose 2% to $85 a barrel as shipping through the strait remained at a trickle, although it remained well below late April’s peak of more than $126 a barrel. The key event for markets this week is the U.S. inflation reading for July on Wednesday, which will impact Fed officials’ thinking on rates.