Asian shares recover from early slump

09.08.2021 - Davydova Maria
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.

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