Market brief
Data service · Checking
Westpac Flags Subdued Friday Trading as Aramco Cuts Some European Crude Allocations
The bank's morning note describes mixed equities, softer oil and a broadly unchanged dollar following a week that included a Fed rate hike and Treasury yields approaching 5%; it also cites reports that Saudi Aramco told several European refiners no crude would arrive next month.
By PREVICT Research
Key points
- Westpac described Friday's market moves as relatively subdued following a week in which the Fed raised rates and Treasury yields pushed towards 5%.
- The report cites indications that Saudi Aramco told several European refiners they would receive no crude next month after a pipeline to the Red Sea was attacked.
- The Bank of Japan delivered a 25 basis point rate hike to 1.25%, while equities were mixed, sovereign yields edged higher and oil prices fell.
Trading was relatively subdued on Friday after a volatile week that included a US Federal Reserve rate hike and US Treasury yields pushing towards 5%, according to Westpac's morning report. Equities finished mixed, sovereign bond yields ticked higher, oil prices fell and the US dollar was broadly unchanged.
The report's summary of Friday's session was one of limited movement across major assets. Equities were mixed, sovereign bond yields ticked higher, oil prices fell and the dollar was broadly unchanged, according to the note.
The week's background was more active. The note points to a US Fed rate hike and Treasury yields moving towards 5% as the dominant macro events preceding Friday's quieter tone.
In energy markets, the report cites indications that Saudi Aramco told several European refiners they would receive no crude next month, following an attack on a pipeline to the Red Sea.
The Bank of Japan also delivered a 25 basis point rate hike to 1.25%, according to the same report.
Sources
- 1Westpac Morning ReportFinancialJuice ·
PREVICT links to original reports and writes its own synthesis; publisher article bodies are not republished.
Read next
News & analysis
Aramco Said to Halt October Crude Deliveries to Some European Refiners After Pipeline Attack
1 reports
