Asian markets mixed after US rejects Iran proposal, oil jumps
Asian markets were all over the place: South Korea saw a drop, Japan had a small win, and overall vibes were cautious.
The big story? Oil prices jumped after the US turned down Iran's proposal about the Strait of Hormuz. That's making everyone nervous about inflation and possible interest rate hikes.
Meanwhile, S&P 500 futures in the US slipped by 0.2%.
Treasury yield 5.20% and dollar strengthens
Rising oil isn't just squeezing wallets: it pushed up the 10-year Treasury yield to 5.20% and sent the dollar higher (while the yen lost ground).
Several Federal Reserve officials are keeping an eye on resilient economic growth and a strong labor market, hinting at more tightening ahead.
This week's key updates, the Federal Reserve's inflation gage and US jobs reports, could decide if another rate hike is coming soon.