ECB Hikes Rates as Oil Prices Soar Above $100

The European Central Bank (ECB) raised its deposit facility rate to 2.50%, main refinancing rate to 2.65%, and marginal lending facility to 2.90% in a bid to combat inflation.

Oil prices surged above $100 per barrel for the first time since May, with Brent nearing $110, as Middle East supply risks intensified.

The US producer price index rose 5.4% year-over-year in August, exceeding expectations and reinforcing market pricing for a Federal Reserve rate increase at next week's FOMC meeting.