Asian shares recover from early slump
Asian shares rebounded from their loss earlier on Monday, brought by sharp declines in gold and oil prices. Meanwhile, the dollar hit a four-month high against the euro as a positive US jobs report boosted bond yields.
Markets were jolted earlier by an unexpected drop in gold as a break of $1,759 triggered stop-loss sales. This brought the yellow metal to as low as $1,684 an ounce. It was last down 1.3% at $1,740.
Brent also plummeted 2% amid worries that the surge of the COVID-19 Delta variant would hamper demands in travel.
In stocks news, MSCI’s broadest index of Asia-Pacific shares outside Japan has clawed back up 0.1%, boosted by China’s blue-chip index, which added 1.3%.
In Japan, the Nikkei was closed, but futures were trading at a modest 20 points below Friday’s close.
Meanwhile, Nasdaq futures fell 0.3%, while S&P futures inched down 0.2%. EUROSTOXX 50 futures and FTSE futures also went down 0.2%.
Going over to currencies, the greenback pushed the euro back to $1.1760 and climbed to 110.22 yen, recovering from the previous week’s low of 108.71.