Negative sentiment continued to hover in the market amid lingering inflationary concerns and the prospect of rising interest rates that could dampen economic growth.
Still, stocks in Asian markets started today’s trading session in a slightly better mood despite concerns.
The MSCI Asia-Pacific index of stocks outside Japan started well at 0.04% even as U.S. stocks closed last week’s session with a less encouraging performance.
The early trading session saw Australian shares rise 0.2% while Japan’s Nikkei jumped 0.85%.
Following Wall Street's performance at the last close, the S&P 500 gained slightly at 0.01%, the average Dow Jones Industrial index rose 0.03%while the Nasdaq Composite was down 0.30%.
It is understood that the S&P 500 and is still at a loss for 7 consecutive weeks which last occurred in 2001 while the Dow Jones experienced a fall in 8 weeks, the longest decline since the Great Depression.
Meanwhile, the benchmark 10 -year yield of Treasury notes rose 2.7883% while the 2 -year yield, which is sensitive to expectations of an interest rate hike by the Federal Reserve (Fed), jumped 2.5869%.
The currency summary showed the dollar up 0.04% against the Japanese Yen at 127.9 during the early trading session.
Ijmal on commodities, ANZ notes that safe-haven assets continue to find a place despite concerns over economic growth amid rising inflation and a weak dollar also boosting investor appetite.
Spot gold rose 0.3% at $ 1847,0226 per ounce.
