Oil weighs on stocks; data puts focus on rate hikes

Oil weighs on stocks; data puts focus on rate hikes
By Sinead Carew
NEW YORK, Nov 15 (Reuters) – Stocks around the world were set for their longest losing streak in eight months on Wednesday as weaker oil prices weighed and the dollar came back from session lows after U.S. data boosted expectations of further Federal Reserve interest rate hikes.
The dollar clawed back earlier losses against a basket of major currencies after U.S. data showed a rise in retail sales data last month and an uptick in underlying inflation which cemented expectations for further interest rate hikes.
The U.S. Treasury yield curve flattened to a 10-year low as fixed income investors also priced in rate hikes.
“On the whole, it was generally a decent slew of data,” said Mazen Issa, senior FX strategist at TD Securities in New York.
“Underlying inflation seems to ha
Oil weighs on stocks; data puts focus on rate hikes