Financial market reaction is more focused on the prospect of rising costs, such as for oil, dampening prospects for interest rate cuts in the months ahead.
Global oil prices were trading slightly lower early on Monday, despite a weekend dominated by rising tensions in the Middle East. International benchmark Brent crude was down by almost 0.4% at $90 a barrel in Asia dealing, while US crude futures were also lower, according to LSEG data.
Brent is 17% up in the year to date while US crude is almost 19% higher and talk is growing that figures way above $100 a barrel are likely if there is no sign of an easing of tensions. Iran's seizure of a tanker last week, which it claimed had links to Israel, only served to stoke jitters over consequences for trade.
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