Asian stocks wobble amid virus concerns
Asian stocks went off with a weak start on Tuesday following a mostly soft performance on Wall Street. The region’s stocks have also been affected by mounting concerns over the spread of the COVID-19 Delta variant, which dampened sentiment and triggered declines in metals and oil prices.
MSCI’s broadest index of Asia-Pacific shares outside of Japan fell 0.4% in early trading, while Korea’s KOSPI index suffered a 0.56% decline. China’s blue-chip index CSI300 took a 0.33% loss.
Meanwhile, in Japan, the Nikkei made a 0.9% gain, while Australia’s benchmark S&P/ASX200 inched up 0.2%, boosted by strong earnings results.
Going over to commodities, oil prices were beginning to bounce back from falling as much as 4% in the last session. The drop extended oil’s sharp losses from the previous week, brought by a strengthening dollar and concerns about the impact of China’s restrictions against COVID-19 on the global fuel demand recovery.
US crude oil futures rose 0.53%, or $0.35, to trade at $66.82, while Brent crude climbed up 0.36%, or $0.25, to trade at $69.29.
Gold has also stabilized after falling to an over four-month low. Spot gold jumped up 0.16%, reaching $1,732.13 an ounce.
In other news, the US’ strong jobs data boosted US Treasury yields. Benchmark 10-year notes were last yielding 1.3237%, higher than Monday’s 1.3170%.