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August 11, 2026 - 02:08
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(Bloomberg) — Oil held onto gains as fading hopes for a deal to reopen the Strait of Hormuz revived inflation concerns before key US data this week.Brent crude was steady near $87.70 a barrel on Tuesday after gaining about 10% over the previous four sessions. The advance in oil weighed on Treasuries, pushing the benchmark 10-year yield up six basis points to 4.71% in the previous session. There will be no cash trading in Treasuries during Asian hours Tuesday due to a Japan holiday.Early focus in Asia is on the yen after the currency weakened 1% on Monday, erasing about half of its recent intervention-led rally. The move is psychologically significant for traders, who remain on alert for further official support. The yen was slightly stronger in early Tuesday trading at about 159.17 per dollar.Elsewhere, Asian stocks and equity-index futures for US benchmarks edged lower. Australian government bonds fell ahead of an expected policy-rate hold by the central bank. Gold extended its advance for a third day, trading at about $4,400 an ounce.Oil’s rally over the past week, amid little progress toward easing tensions in the Middle East, has revived worries over price pressures after Friday’s softer US jobs data tempered expectations for an immediate Federal Reserve interest-rate hike. Attention now turns to Wednesday’s US consumer price index report, which may offer fresh signals on the path for interest rates.“The jobs report may have eased some anxieties about a Fed rate hike next month, but those concerns could hit new highs without cooler-than-expected inflation numbers this week,” said Chris Larkin at E*Trade from Morgan Stanley.While stocks had seen a burst of enthusiasm about a possible reopening of Hormuz, markets may be less likely to respond positively to vague reports about progress in talks, he said.President Donald Trump lashed out against Iran’s demands for compensation as part of talks to wind down the conflict, dimming hopes of a quick agreement that would reopen the strait. Trump had signaled on Sunday that he was prepared to let economic pressure on Iran build, rather than launch fresh strikes.The closely watched consumer price index is seen rising 0.1% in July following a 0.4% decline in the prior month, based on the median projection in a Bloomberg survey of economists ahead of Wednesday’s Bureau of Labor Statistics release.Fed Bank of Cleveland President Beth Hammack told Yahoo Finance it’s possible that a number of rate hikes may be needed to bring inflation down to the target.“I would say in general, one 25-basis-point move probably doesn’t do a whole lot for the economy,” Hammack said Monday in an interview with Yahoo Finance. “So it’s probably some number,” but “I don’t want to prejudge what that number is going to be.”Corporate News:Intel Corp. is seeking to increase the amount it’s raising in a share sale to about $20 billion, according to people familiar with the matter, a third more than it was targeting when it announced the deal Monday morning. US investment giants including Apollo Global Management Inc., Blackstone Inc., BlackRock Inc. and Brookfield Asset Management are partnering with Nvidia Corp. to invest $500 billion in artificial intelligence infrastructure. Gautam Adani won dismissal of US securities fraud charges, ending a blockbuster case that threatened the expansion of the Indian billionaire’s giant conglomerate. Some of the main moves in markets:StocksS&P 500 futures were little changed as of 9:05 a.m. Tokyo time Hang Seng futures were little changed Australia’s S&P/ASX 200 rose 0.2% Euro Stoxx 50 futures rose 0.1% CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1547 The Japanese yen was little changed at 159.15 per dollar The offshore yuan was little changed at 6.7456 per dollar The Australian dollar was little changed at $0.7056 CryptocurrenciesBitcoin fell 0.3% to $63,893.34 Ether fell 0.4% to $1,870.98 BondsAustralia’s 10-year yield advanced four basis points to 5.03% CommoditiesWest Texas Intermediate crude was little changed Spot gold rose 0.3% to $4,404.45 an ounce This story was produced with the assistance of Bloomberg Automation.©2026 Bloomberg L.P.
