Oil Spike Deals Final Blow to Dire Q3

A spike in crude oil prices to the highest level of the year has further worsened the already dire third quarter for global markets, adding to concerns over inflation and government debt. Investors are looking to Federal Reserve Chair Jerome Powell for reassurance as borrowing rates rise and the labor market remains strong. The deepening Chinese property sector bust and the suspension of shares in real estate giant Evergrande contribute to the uncertain economic landscape. Meanwhile, rising U.S. debt yields have boosted the dollar, while European inflation is expected to ease. Wall Street stocks are down, and the MSCI's all-country index is on track for its 10th consecutive daily loss. Micron Technology forecasts a wider-than-expected loss, and Chinese stocks are also in the red.