US Inflation Data Looms Large Amid ECB Rate Hike and Ongoing Oil Price Pressures

Nervy markets were bracing for key US inflation data on Thursday after the European Central Bank (ECB) raised interest rates for a second time this year, and oil prices remained above $100 a barrel following recent tensions in the Strait of Hormuz.

The ECB's decision to hike its key interest rate to 2.50% from 2.25% came as little surprise given recent signals, but barely moved regional stock markets or the euro.

Oil prices remained a concern for investors, with Brent crude futures jumping another 3.8% to $105 a barrel amid rising tensions in the Middle East and worries about renewed inflation pressure.

Wall Street opened lower again on Thursday, with the Dow Jones Industrial Average down 0.33%, the S&P 500 dropping 0.56%, and the Nasdaq Composite falling 0.97%.