Oil Prices Weigh Heavily on Global Markets Amid Inflation Concerns

Global markets are still reeling from high oil prices and anticipated producer price inflation in the U.S. The CME FedWatch tool shows a 62.2% chance of a rate hike by the Federal Reserve on September 16, up from 61.2% the previous day.

Wall Street Futures are slightly above the flatline, while major European benchmarks trade mixed ahead of an expected interest rate hike from the European Central Bank.

The six-currency Dollar Index has edged up 0.06%, and ten-year sovereign bond yields have hardened across regions.

Cryptocurrencies, on the other hand, are trading negatively, with Bitcoin down 1.23% to $77,948.90, Ethereum at $2,469.06, down 0.95%, BNB at $717.90, down 4.36%, and XRP at $1.38, down 3.14%