Good afternoon everyone. Japanese equities are looking good today as the Nikkei Average clips its four-day losing streak to gain 1.4%. Mainland Chinese shares meanwhile ended the morning session practically flat, with the Shanghai Index slipping 0.04% and the Shenzhen Composite creeping down 0.12%. Things aren’t any better in Hong Kong, where the Hang Seng Index slid down 0.07%.
Here’s what else you need to know:
Oil prices jump higher. A sharp drop in weekly U.S crude oil inventories caught traders flat-footed today, leading them to send WTI and Brent crude futures up 7 and 32 cents respectively. WSJ (paywall)
Brazilian interest rates hit record. Just a day after an S&P warning, the Brazilian central bank has raised the Selic rate to 14.25%, its highest level since 2006. This is the sixth consecutive rate hike from the bank, which is currently wrangling with high inflation just as the nation teeters into recession. Reuters
Japan industrial production rips higher. Right on the heels of a strong retail sales number, Japan’s June industrial production data soared 0.8% from a past year, handily beating analyst estimates of a 0.3% gain and positively trouncing last month’s 2.2% fall. Business Insider
Photo: Gianni