BusinessReutersOil steadies on prospect of OPEC+ output cut, weaker dollar
Oil prices were little changed in early trade on Friday but headed for their first weekly gain in five weeks, underpinned by a weaker U.S. dollar and the possibility that OPEC+ may agree to cut crude output when it meets on Oct. 5. U.S. West Texas Intermediate (WTI) crude futures for November delivery rose 6 cents to $81.29 a barrel at 0054 GMT after falling 92 cents in the previous session.
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(Bloomberg) -- Asian stocks dropped on Friday in the wake of another plunge on Wall Street as the prospect of higher interest rates and turmoil in Europe stoked fears of global recession.Most Read from BloombergMacKenzie Scott Files for Divorce From Science Teacher HusbandMeta to Cut Headcount for First Time, Slash Budgets Across TeamsTrump Refuses to Delay Florida Deposition in Phone-Fraud Case Despite HurricaneStocks Plummet to 22-Month Low as Fed Hawks Circle: Markets WrapTop Apple Executive
BusinessReutersRBA to hike rates by 50 bps in October, peak rate pushed higher - Reuters poll
Australia's central bank will hike interest rates by another half-point on Tuesday and increase borrowing costs further than previously thought in its most aggressive tightening cycle since the 1990s to arrest red hot inflation, a Reuters poll showed. At the August meeting, Reserve Bank of Australia (RBA) Governor Philip Lowe tempered guidance on further hikes as they were approaching the estimated neutral level of 2.50%, a level that neither stimulates nor restricts economic activity. But with the U.S. Federal Reserve raising rates by 75 basis points last week and expected to take borrowing costs higher than previously expected many central banks are likely to follow suit to prevent their currencies from weakening further against the U.S. dollar.
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