MARKETS / FINANCE

Asian stocks sank Thursday, tracking a retreat on Wall Street fuelled by a surge in US Treasuries and worries over a possible escalation of the Middle East crisis, which also pushed oil prices higher.

Asian markets fell and oil prices extended gains Friday on worries that an expected ground invasion of Gaza by Israel will spark a wider conflict in the Middle East.

Global stock markets and oil prices dropped Thursday as traders assessed the likelihood of the Israel-Hamas crisis turning into a wider conflict in the Middle East.

Stock markets slid Friday, having made strong gains earlier in the week, while oil prices surged on worries the Israel-Hamas conflict could impact supplies in the crude-rich Middle East.

European stock markets rebounded on Wednesday as bank shares recovered and after a mixed showing by Asia.

Stock markets stuttered Tuesday on renewed concerns that the Federal Reserve will hike rates again, while another weak batch of trade data compounded worries about the struggling Chinese economy.

European stock markets retreated Monday on further poor economic data for the region and following a mixed showing by major Asian indices.

Major stock markets mostly retreated Wednesday as a China-induced rally gave way to cautious trading ahead of a Federal Reserve policy decision, with fresh data reviving the possibility of more US rate hikes before the end of the year.

Brent crude futures inched up 13 cents, or 0.2%, to trade at $85.47 a barrel at 0121 GMT.

Most experts are confident that interest rates will peak between 7.0% and 7.5%.

This is likely to be welcome news, even if only at the margins, for the European Central Bank, which has been raising rates aggressively to tame price pressures.

Both benchmarks closed Friday at their lowest since Sept. 27, extending losses for a second week, with Brent down 9% and WTI 10% lower.

The news threw a spanner in the works for investors who had grown hopeful of a gradual reopening after Beijing eased a number of virus-fighting measures earlier this month.

Domestic fuel bills rocketed again despite the UK government's energy price freeze as the market faced more fallout from key producer Russia's invasion of Ukraine.

The euro hobbled just above parity at $1.0016, some distance from its near-two-month high hit earlier in the week. Sterling last stood at $1.1360, after sliding 1.6% overnight.

European shares rose on Monday, reversing declines from the opening bell, as a jump in travel stocks helped outweigh a drag from China-exposed luxury giants.

Sterling edged up 0.1% to $1.1170, after sliding 2% overnight. It was headed for a weekly loss of nearly 4%, the largest since September's market turmoil triggered by an economic plan that alarmed investors.

Brent crude futures picked up 17 cents, or 0.1%, to $94.82 a barrel at 0014 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 26 cents, or 0.3%, to $88.63 a barrel.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.2% lower in early trade, as a drop in Chinese bluechips and Hong Kong shares offset an uptick in South Korea and Australia.

The South African Reserve Bank (SARB) has raised its main lending rate at its last six monetary policy meetings in a bid to get inflation under control. Its next decision is due on Nov. 24.

The index has fluctuated in a broad range around the 112 level since its retreat from a two-decade high of 114.78 at the end of September.

While Wall Street suffered a pullback from a recent rally, the mood in Asia remained optimistic while bargain-buying also provided some much-needed support to Hong Kong and Shanghai.

Brent crude for January delivery was down 4 cents at $92.77 a barrel at 0112 GMT. The December contract expired on Monday at $94.83 a barrel, down 1%.

Gains in Hong Kong, Australia and Korea pushed MSCI's index of Asia-Pacific shares outside Japan up 0.8%.

The greenback moved broadly higher in Asia trade, particularly against the Japanese yen, rising more than 0.5% and pushing above the 148 yen level.

The euro peaked at $1.00935 and sterling at $1.1645 in early Asia trade, both their highest since Sept. 13.

Australia's resources-heavy share index advanced 0.81%, while Japan's Nikkei opened 0.09% lower.

Currently, some banks charge far more for an IP transfer, up to 30 euros ($30) in some cases, compared with traditional transfers.

Hong Kong and Shanghai were among the best performers after China's central bank and forex officials pledged support for the country's equities, bonds and yuan, helping investors bounce back from Monday's rout.