Overview
- U.S. inflation, which accelerated in Tuesday’s April report to about 3.8% year over year with core prices up 0.4% on the month, pushed Treasury yields higher and lifted the dollar.
- Crude stayed above $100 as the Strait of Hormuz remained constrained since late February, and Brent hovered near $107 on Wednesday after a brief pullback.
- The International Energy Agency said countries are drawing down stockpiles at a record pace, a sign that thinner buffers could make oil prices more volatile.
- Asian markets wavered on Wednesday, and Samsung shares fell after union talks collapsed and a large strike threatened chip production.
- India’s rupee hit a record low near 95.80 per dollar as stocks eked out a small rebound after heavy losses, with the government weighing fuel-price changes and import curbs following the prime minister’s austerity appeal.