UK Retail Sales Rise as World Cup and Heatwave Boost Food, Pubs and Clothing 
Canada, US Hold Fresh Trade Talks as August 19 Tariff Deadline Nears 
Dollar Steady as Markets Await U.S. Inflation Data 
Trump Weighs Capital Gains Tax Cuts Ahead of Midterms 
Singapore Raises 2026 GDP Growth Forecast as AI Demand Fuels Economy 
S&P 500, Nasdaq Slip as Oil Jumps on Iran Tensions 
Gold Prices Hold Near Seven-Week High as Markets Await U.S. Inflation Data 
Gold Prices Rise as Fed Rate Hike Bets Ease 
England Drought Expands to 71% as Heatwave Deepens Water Crisis 
South Korean Won Leads Asian FX Losses as Dollar Rises 
Wall Street Slips as Oil Prices Surge 5% on Iran-Hormuz Uncertainty 
Oil Prices Rise as Hormuz Reopening Remains Uncertain 
Iran War Escalates as US, Houthis Target Ships Near Key Oil Routes 
Asian Currencies Steady as Markets Await U.S. Inflation Data 
Goldman Sachs Sees US Stock Buybacks Outpacing Equity Issuance as AI Funding Rises 
Singapore Raises 2026 GDP Growth Forecast to 4.5%-5.5% as AI Boom Fuels Economy 
European Stocks Flat as Oil Prices Rise, US CPI in Focus 
Oil and gold prices moved higher on Wednesday as rising geopolitical tensions kept investors cautious ahead of key U.S. inflation data, while Asian stocks posted modest gains.
U.S. crude oil rose 0.89% to $83.94 a barrel, while Brent crude gained 0.78% to $89.60. Both benchmarks settled more than $1 higher on Tuesday, reaching their highest closing levels since July 31. Oil prices have continued to climb following renewed concerns over shipping disruptions and tensions involving Iran and the Middle East.
Spot gold advanced 0.46% to $4,387.03 an ounce as investors sought safer assets amid heightened geopolitical uncertainty. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.5%, while Japan’s Nikkei was little changed after reopening from a holiday.
Markets were also focused on the U.S. consumer price index (CPI) report, which could influence expectations for the Federal Reserve’s next interest-rate decision. Economists surveyed by Reuters expect consumer prices to rise 0.1% in July after falling 0.4% in June. Annual inflation is forecast to slow to 3.4% from 3.5%.
Geopolitical developments added to market uncertainty. The United States and Yemen’s Iran-aligned Houthis reported separate attacks involving shipping, while North Korea launched a ballistic missile ahead of planned military exercises between South Korea and the United States. Taiwan also criticized planned naval drills involving China and Indonesia.
The yen remained under pressure against the dollar after recently reversing much of its gains following suspected currency-market intervention by Japan and the United States. The dollar traded around 159.31 yen, while Japan’s five-year government bond yield reached a record 2.1%.
European equity futures pointed to a slightly weaker open, with Euro Stoxx 50, German DAX and FTSE futures all declining. U.S. S&P 500 futures were nearly flat.
Investors are now closely watching the U.S. CPI data for clues about the Federal Reserve’s rate path. A softer-than-expected inflation reading could support Treasury bonds and risk assets, while stronger inflation could reinforce expectations for tighter monetary policy.
