Markets drop as traders eye jobs and earnings, oil jumps

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Stocks slipped on Monday as investors await key US jobs data, while girding themselves for a corporate earnings season many fear will highlight the impact of surging inflation and interest rates.

A report showing prices rose in the eurozone at a record pace last month added concerns that central bank tightening has a long way to go, while Federal Reserve vice-chair Lael Brainard said US officials would not pull back too early. Banks’ battle against inflation could also be made harder as reports said OPEC and other oil producers are considering a major output cut owing to a plunge in prices caused by demand worries.

Crude prices jumped more than three percent in Asian trade ahead of the possible cut.—AFP

 

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