Finance

Central bankers unanimously voted to raise interest rates by a quarter percentage point, marking the first rate hike since 2023. Policymakers signaled that this move will likely not be isolated, with a significant majority expecting at least one more rate increase before the end of the year to curb stubborn inflation. The aggressive interest rate repricing continues to weigh heavily on borrowing costs and smaller, finance-dependent companies.

West Texas Intermediate and Brent crude futures fell for a fourth consecutive day, sliding below the $100 per barrel mark. This downswing was primarily fueled by emerging hopes for diplomatic negotiations between the U.S. and Iran, which helped soothe immediate supply concerns. Additionally, data revealed that Saudi Arabia's oil exports have robustly recovered this month despite recent infrastructure disruptions.

The cryptocurrency market witnessed a substantial rally as Bitcoin surged to over $85,000, driven by a powerful short squeeze that eliminated hundreds of millions of dollars in bearish bets. The total digital asset market capitalization climbed roughly 5% to reach $2.9 trillion. Major altcoins, including Ethereum, Solana, and NEAR, recorded double-digit gains alongside the premier cryptocurrency.