US Inflation Data Boosts Market Expectations, Oil Prices Resume Climb

Global stock markets largely declined on Friday after a mixed session in Asia and US futures were relatively unchanged following better-than-expected US inflation data for July.

The improvement in wholesale prices, which rose by 4.7% year-over-year compared to June's 5.5%, eased concerns of higher interest rates from the Federal Reserve. Stephen Innes of SPI Asset Management noted that 'the disinflation ducks are starting to line up', suggesting a potential pause in rate hikes.

In contrast, oil prices continued their upward trend after slipping 2% the previous day, with Brent crude gaining 1% to $87.96 per barrel and US benchmark crude surging 1.7% to $82.60 per barrel.