Asian shares steady after slump, oil jumps on Saudi
Asian shares steadied on Monday as investors caught their breath following another week of escalating U.S.-China trade tensions, with sentiment turning brighter after the United States said it would lift tariffs in North America.
- Australian shares underpinned the market’s firmer mood, jumping 1.7%.
- MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.6%.
- U.S. S&P 500 e-mini futures also turned higher, rising 0.3% following losses on Wall Street on Friday.
- The Taiwan SE Weighted Index added 0.3% and Seoul’s KOSPI rose 0.6%.
In currency markets, China’s offshore yuan rebounded after touching its weakest against the dollar since November on Friday. It was last trading at 6.9351 per dollar.
- The onshore yuan strengthened to 6.9081 per dollar on Monday.
- The dollar added 0.12% against the yen to 110.20.
- The euro was barely changed at $1.1155.
- The dollar index, which tracks the greenback against a basket of six major rivals, was up a hair’s breadth at 98.018.
- West Texas Intermediate fetched $63.66 a barrel.
- Brent crude at $73.27 per barrel.
- Gold trimmed earlier gains on the modest revival in risk appetite, easing to $1,276.91 per ounce.
- The yield on benchmark 10-year Treasury notes rose to 2.4015% compared with a U.S. close of 2.393% on Friday.
- The two-year yield touched 2.2146%, up from Friday’s U.S. close of 2.202%.