THE MARKETSOil spikes upward: Asian markets are largely up, but Europe and the U.S. go into the red
Oil rose about 12% to $86 per barrel and was continuing upward over the last 24 hours, but one question Wall Street is asking is: why not higher? Why not closer to $120, like at the beginning of the war? At the moment, traders are “showing reluctance to fully price back in another supply shock,” ING’s Francesco Pesole advised clients this morning.
S&P 500 futures were flat this morning. The index closed down 0.79% yesterday.
In Europe, the Stoxx 600 was down 0.78% in early trading and the U.K.’s FTSE 100 was down 0.49% before lunch.
Asia: South Korea’s KOSPI was up 0.73%. Japan’s Nikkei 225 was up 0.74%. India’s Nifty 50 was down 0.68%. China’s CSI 300 was up 2.15%.
