Rising Oil Prices and Interest Rates Weigh on Wall Street Pre-Bell; Asia, Europe Off

Global markets are showing weakness ahead of the US trading session, pressured by a combination of rising oil prices and increasing interest rates. Higher oil typically spooks investors due to inflation concerns and its impact on consumer spending, while rate hikes suggest tighter monetary policy, potentially slowing economic growth. This dual headwind is creating a risk-off sentiment, impacting equities across major regions. Investors will be watching for US economic data and central bank commentary for further direction.