Global Markets Plunge Amidst Rising Oil Prices and Inflation Fears

Global stock markets are experiencing a weekly decline amidst rising oil prices and inflation fears. The MSCI's all-world index is down by 0.3%, with the pan-European STOXX 600 rising by 0.4% after a 1% drop in the last session.

Nasdaq futures have dipped by 0.1%, despite Intel's over 4% jump following its strong quarterly results. Tech stocks have been under pressure this week due to growing concerns about multibillion-dollar investments in AI not yielding tangible returns, according to Shaniel Ramjee, co-head of multi-asset investment at Pictet Asset Management.

Brent crude slipped by 2% to $98.7 a barrel after surging by 7% overnight to its two-month high of $102. This increase in oil prices has sparked inflation fears and expectations for rate hikes globally, with bond yields reaching multi-decade highs. The 10-year U.S. yield hit an over 18-month high of 4.7135%, while the 30-year Treasury yields are close to their 19-year peak.