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Global stocks fell in premarket trading as a stalemate in the Middle East pushed oil prices higher. The Reserve Bank of Australia faces a complicated inflation fight due to rising fuel costs from the conflict.
The Bank of England is expected to hold interest rates despite forecasts of rising inflation, while the US Federal Reserve raised rates by 0.25% against President Trump's opposition. Japan's central bank increased rates to a 31-year high of 1.25% to combat global inflation.
Global stock markets advanced ahead of the U.S. Federal Reserve's interest rate decision, while the International Monetary Fund urged Australian governments to cut spending due to rising debt and inflation. The IMF also downgraded Australia's economic growth forecast, warning.
The US Federal Reserve raised interest rates for the first time in three years in a unanimous decision, overruling President Trump's call for a cut. UK wage growth slowed to 3.9% amid an Iran-driven cost of living squeeze, ahead of the Bank of England's next rate decision.
The US 10-year Treasury yield reached 5.04%, its highest level since 2007, before easing back. This surge in borrowing costs reflects market concerns about inflation and government debt.
Oil prices surged to $105 a barrel, with Brent crude exceeding $106, as Middle East hostilities escalate and Houthi forces threaten the Bab el-Mandeb strait. Borrowing costs also rose amid fears of prolonged conflict impacting global supply chains.
Brent crude rose 2.1% above $100 per barrel for the first time since July 2026, following renewed US-Iran attacks in the Gulf and Houthi strikes on Saudi cities. The Guardian reports the milestone was triggered by escalating Middle East war fears disrupting global supply.
Investors are watching new Fed chair Kevin Warsh at the Jackson Hole summit as markets look for guidance on inflation and interest-rate policy. Analysts say his first major speech could reset expectations for bonds and equities through the rest of 2026.
Prime Minister Andy Burnham is pushing to reduce the Treasury's control over economic policy while pledging to end rough sleeping by Christmas. Meanwhile, UK inflation rose to 2.9% in July, threatening his cost-of-living plans.
