EQUITIES
Shares in the Asia-Pacific region were mostly higher on Monday, with global concerns continue to plague markets. European stocks are expected to be cautiously traded on opening later today.
In Japan markets, the Nikkei 225 rose 0.98%, while in South Korea, the KOSPI was up 0.31%.
Greater China markets dropped, with Hong Kong’s Hang Seng index falling 1.35% and the Hang Seng Tech index sliding 3.13%.
Australia’s S&P/ASX 200 and the Shanghai Composite struggled for direction around the flatline and was last down 0.02%.
OIL
Oil prices rose on Monday, as the U.S. fuel demand, tight supply and a slightly weaker U.S. dollar supporting the market, while Shanghai prepares to reopen after a two-month lockdown fuelled worries about a sharp slowdown in growth.
The EU’s inability to reach a final agreement regarding the embargo of Russian oil stopped oil prices from climbing much higher.
Brent crude futures rose 0.73% to $113.73 a barrel, while U.S. WTI crude futures climbed 81 cents to $111.05 a barrel, adding to last week's small gains for both contracts.
CURRENCIES
The dollar began the week on the back foot, following its first weekly loss in nearly two months, as investors cut bets on further dollar gains from rising U.S. rates and turned hopeful that loosening lockdowns in China can help global growth.
The U.S. dollar index fell 0.35% to 102.670, lower compared to the levels above 103 seen last week.
The benchmark 10-year Treasury yields rose to 2.821% from its U.S. close of 2.787% on Friday. The two-year yield, which rises with traders' expectations of higher Fed fund rates, touched 2.6266%, up from 2.583%.
Bitcoin recovered to around $30,000 after spending most of the weekend below that level.
GOLD
Gold prices touched a more than one-week high on Monday as an easing dollar continued to support greenback-priced bullion, although higher U.S. Treasury yields capped gains.
Spot gold rose 0.39% to $1,853.90 per ounce, hovering around its highest since May 12. U.S. gold futures gained 0.53% to $1,851.90.
Spot silver gained 0.4% to $21.84 per ounce, platinum firmed 0.3% to $958.10, and palladium climbed 0.7% to $1,978.45.
ECONOMIC OUTLOOK
Stocks were mostly higher on Monday despite fears over the global economy dominating market sentiment of late. China's COVID-19 situation weighed on sentiment, with tech firms particularly hit.
China's tech sector is expected to remain volatile until there was greater regulatory clarity and U.S markets stabilised. Daily COVID-19 numbers in China also remain closely watched by investors. Beijing on Monday reported 99 new infections for the previous day, the largest daily tally so far during a month-old outbreak.
Global investors also continue to track the war in Ukraine and its geopolitical implications, which have darkening into soaring energy and commodities prices worldwide.
