Asian equites counted loss on Monday as China imposed fresh lockdown in Shanghai amid fresh new wave of COVID-19 weighing on economic recover and as treasuries inversion points towards a possible recession.
The CSI300, KOPSI and TOPIX inched down by 0.63%, 0.02% and 0.41% respectively. While HSI and SET closed higher by 1.31% and 0.45% respectively.
U.S. futures mixed with S&P500 and Nasdaq down by 0.04% and 0.18% respectively while Dow Jones is up by 0.01%.
Gold dropped as Treasury yields rose amid a global rout in sovereign debt, sapping demand for the safe-haven asset after last week’s gain.Bullion fell as much as 1.6% as the sell-off in bonds continued, driven by expectations the Federal Reserve will lead an aggressive wave of global central bank tightening. The U.S. 10-year Treasury yield climbed past 2.5%, above a technical trend-line that has served as a ceiling since the late 1980s, weighing on non-interest bearing gold.
Oil prices tumbled as fears over weaker fuel demand in China grew after financial hub Shanghai lockdown efforts to curb a surge in COVID-19 infections. The WTI is trading around $108 a barrel while Brent is trading around $115 a barrel.
