Oil prices climbed around 2%, continuing last week’s gains, as traders anticipated more U.S. sanctions on Russian oil and Ukrainian attacks on Russian energy infrastructure that could disrupt supplies.
Gold prices held steady, as the market’s focus shifted to upcoming U.S. PCE data for cues on the Federal Reserve’s policy path, while a stronger dollar capped gains.
The European Central Bank is likely to keep interest rates on hold next month but discussions about further cuts may well resume in the autumn if the economy weakens. ECB President Christine Lagarde said in July the euro zone’s central bank was “in a good place” as it left its key rate at 2%.
President Donald Trump said the U.S. would take a 10% stake in Intel under a deal with the struggling chipmaker that converts government grants into an equity share, the latest extraordinary intervention by the White House in corporate America.
A wobble in U.S. technology shares has raised the stakes for Nvidia’s quarterly results on Wednesday, with earnings from the semiconductor giant posing a crucial test for the scorching AI trade.
A coalition of U.S. labor unions and progressive advocacy groups urged state financial officers overseeing public pension funds to oppose fresh pay awards for Tesla CEO Elon Musk, warning the excessive cost poses risks to workers’ retirement savings.
