SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
Oil Prices Rise as US-Iran Tensions Threaten Strait of Hormuz Oil Shipments 
Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
Asian Stocks Slip as US-Iran Ceasefire Hopes Lift Oil, Dollar Strength Persists 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
China Factory PMI Seen Returning to Growth in June as AI Export Demand Supports Economy 
Gold Price Falls as Fed Rate Hike Fears and U.S.-Iran Tensions Weigh on Bullion 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
Japan Targets 1%+ Real Economic Growth With ¥370 Trillion Investment Plan 
Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
Oil Prices Rise Amid Shrinking U.S. Inventories
Oil prices rebounded on Thursday in Asian trade, recovering from recent steep losses. The rise followed industry data showing an unexpected drop in U.S. oil inventories, boosting market sentiment.
Brent crude for December delivery gained 0.6% to $74.67 per barrel, while West Texas Intermediate (WTI) rose 0.6% to $70.27 per barrel at 01:02 GMT.
Middle East Tensions and China's Stimulus in Focus
Oil markets remain on edge due to heightened tensions in the Middle East, particularly concerns about Israel's retaliation against Iran. However, reports indicate that Israel may avoid targeting Iran’s oil and nuclear infrastructure, easing fears of a severe conflict escalation.
Additionally, oil prices continue to be affected by weak demand signals from China, the world’s top oil importer. Despite recent fiscal stimulus announcements, Beijing has yet to provide clear details on the scale and timing of these measures.
U.S. Inventory Shrinks, Supporting Oil Prices
The American Petroleum Institute (API) reported a surprising 1.58 million barrel draw in U.S. oil inventories for the week ending October 11, contrary to expectations of a 3.2 million barrel increase. This data raises hopes for tightening U.S. supplies, despite previous weeks of substantial inventory builds.
The API report usually foreshadows the official U.S. Energy Information Administration (EIA) inventory data, due later on Thursday.
Demand Fears Persist
Despite Thursday’s recovery, oil prices remain under pressure. Over the past week, both Brent and WTI crude have fallen by 5-6.5% due to weak global demand forecasts. Both the International Energy Agency (IEA) and OPEC have downgraded their projections, citing slowing demand in China as a key concern.
