Oil Price Drop Fuels Global Market Rally

Global markets experienced an uptick on Thursday and Friday as concerns over inflation eased due to declining oil prices and bond yields. The price of Brent crude oil for November delivery dropped by 1.3% to $103.40 a barrel, leading to increased optimism that inflation can be brought under control.

The US President Donald Trump stated in an interview with Axios that Washington is at a critical point in deciding the direction of the war with Iran and that he is torn between whether he wants to 'go in and annihilate them or do I not'. The yield on the 10-year US Treasury note remained flat at 4.94%, while gold prices rose by 0.5% to $4,636 per ounce.

The number of initial jobless claims in the US fell to 196,000 in the week ending September 12, below estimates. The New York Stock Exchange closed Thursday with gains, as the Dow Jones Industrial Average rose 0.61%, the S&P 500 gained 1.14%, and the Nasdaq was up 1.69%. US stock indexes opened Friday higher.