Crude jumps on tensions in Middle East, Libya [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

The week started on mixed feelings. The rising geopolitical tensions in the Middle East, and between the West and China, and a pullback across the big technology stocks casted shadow on the optimism that the Federal Reserve (Fed) is about to start cutting the interest rates in September.

The US yields and the dollar rebounded on Monday. Big Tech fell, other sectors rose. Crude oil jumped on the tense geopolitical environment in the Middle East and on rising tensions within Libya.

In China, the market selloff continues; the CSI 300 index trades at the lowest levels since February. Canada announced that it will impose tariffs of 100% on Chinese-made EVs and 25% on steel and aluminium to protect its domestic manufacturers. The Chinese e-commerce giant PDD – the owner of Temu – plunged nearly 30% on Nasdaq and recorded its biggest one-day lost ever, after the company warned of slowing sales as the competitors like Alibaba also increase efforts to attract budget-aware customers. Zooming out, KraneShares CSI China internet ETF posted its worst weekly outflow in 2 years, as investors moved money into EM bonds on Fed rate cut bets.

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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