Weak Sentiment Lingers Amid Oil Price Dip and Rate Hike

The global market sentiment remains weak on Friday despite a decline in oil prices. The Bank of Japan has raised interest rates to a 31-year high, which is being digested by markets. Wall Street Futures are trading below the flatline after Thursday's surge. Major European benchmarks are deep in the red.

Asian markets finished trading with mostly positive results. The six-currency Dollar Index rallied more than a quarter percent. Both crude oil price benchmarks have declined. Sovereign bond yields mostly hardened, while gold has gained more than a quarter percent.

Cryptocurrencies extended their gains. According to the CME FedWatch tool, there is a 55.4% likelihood of a quarter percentage rate hike by the Federal Reserve in the October FOMC meeting. The DJIA (US30) and S&P 500 (US500) are down 0.26% and 0.06%, respectively.