Oil prices have risen on further Middle East tensions after strikes hit a building annexed to the Iranian embassy in Damascus, with Tehran blaming Israel. Photo: LOUAI BESHARA / AFPHong Kong led most Asian markets higher Tuesday as traders returned from an extended weekend break to forecast-beating Chinese factory data that lifted hopes for the world's number-two
Hong Kong's Hang Seng was the standout, piling on more than two percent on the first day of trading since Thursday as investors cheered data showing China's manufacturing grew more than forecast last month. But more concerning for investors were figures showing that prices paid hit their highest mark since July 2022, which fanned worries that inflation could start to creep back up and complicate the Fed's plans to cut rates.Markets are now pricing in about 65 basis points of cuts this year, lower than the Fed's guidance of 75 points.
Gold was hovering around $2,250, having edged back from a record $2,265.73 on Monday that was sparked by central bank hints at an easing of credit conditions. Demand for the safe haven has also been driven by geopolitical tensions, particularly in Europe and the Middle East.destroyed the Iranian embassy's consular annex in Damascus -- killing seven members of Iran's Revolutionary Guard including a top commander -- sparked fresh fears.
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