Japan's parliament formally elected Shigeru Ishiba as the country's prime minister to replace Fumio Kishida, whose administration was rocked by scandals.

TOKYO -- Shigeru Ishiba, leader of Japan's ruling Liberal Democratic Party, was officially elected the country's prime minister on Tuesday after winning a majority of votes in both houses of parliament.

MSCI's global equities index fell on Monday and the dollar rose as the Federal Reserve Chair Jerome Powell dampened hopes for another big rate cut, while oil futures ended flat after a choppy session on concerns about an escalating conflict in the Middle East.