Gold and crude oil fell with Treasuries while US equity futures rose as fears softened over the weekend that the conflict in the Middle East would escalate. Asian stocks fell for a fourth day, with China worst hit as investor sentiment remains fragile. Oil slipped toward $87 a barrel, while gold fell from a five-month high to around $1,970 an ounce as Israel held off on its ground offensive into Gaza amid efforts to secure the release of more hostages. US futures contracts advanced in Asia after the S&P 500 slid more than 1% Friday. Treasuries fell, paring Friday’s rally. The yen briefly weakened past 150 to the dollar. Markets are starting to wind back some of last week’s haven bid after Hamas released two US hostages and aid started to trickle through Egypt’s border with Gaza at the weekend. Still, Israel has stepped up air raids on Gaza in preparation for the “next phase” of its conflict with Hamas, while also warning that Hezbollah risks dragging Lebanon into a wider regional war. Chinese stocks dragged the broader Asia equity market further in the red. Property sector woes persisted and confidence took a beating after Beijing launched a series of investigations into Foxconn Technology Group, Apple Inc.’s most important partner and one of the largest employers in country. MSCI’s Asian equity index lost 0.5%, with the Shanghai Composite falling 0.9%. Elsewhere, the yen briefly weakened beyond 150 per dollar early Monday, a closely watched level for possible intervention by Japanese authorities to support the currency. Bank of Japan officials are pondering whether to tweak their yield-curve control setting at a policy meeting next week, the Nikkei newspaper reported Sunday, without saying where it obtained the information.
Global markets have been whipped around in recent weeks by climbing Treasury yields and growing concern about interest rates staying elevated for longer. The S&P 500 on Friday slid below its 200-day moving average — seen by some as a bearish signal — and the Cboe Volatility Index, known as the VIX or Wall Street’s “fear gauge,” jumped to its highest since March. The nearest futures contracts tied to the VIX closed Thursday in a pattern known as backwardation. That’s a sign of mounting distress, as traders anticipate more volatility in the near-term than further out in the future.
Nikkei -0,49% Hang Seng -0,72% CSI -0,64% Shanghai -0,91% Shenzen -1,34%
Eur$ 1.0594 CNH 7.3271 CNY 7.3151 JPY 149.56 GBP 1.2164 CHF 0.8921 RUB 95.70 TRY 27.9858 WTI$ 88.08 Gold 1,982 BTC 29,845 ETH 1,628
S&P +0,25% Nasdaq +0,27% EuroStoxx +0,22% FTSE +0,04% Dax +0,12% SMI +0,16%
Macro :
- Airline Stocks See Longest Slide Since Mid-2021 as Oil Rises
- Argentina Markets Brace for Selloff After Massa Forces Runoff
- LNG Still Faces Risk of Winter Price Surge, Tellurian Says
Keep an eye on :
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