Breakfast briefing: Oil price surge sees financial markets stagger
Global financial markets are reacting to an oil price surge caused by missile attacks on tankers in the Red Sea, leading to higher bond yields and pressure on tech stocks. Meanwhile, US economic data shows a decline in jobless claims, while Asian economies like South Korea report strong growth.
Here's our summary of key economic events overnight that affect New Zealand, with news tankers in the Red Sea have been hit by missiles fired from Yemen. This is unnerving global markets today, and oil prices have jumped everywhere. Bond yields are surging, pushing up mortgage rates and weighing on equity valuations, especially for tech firms.
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