Asian stocks pulled back from all-time peaks on Friday as higher longer-dated bond yields and underwhelming U.S. data dented investor confidence in a faster economic recovery from the COVID-19 pandemic, while gold hit a seven-month trough.
Analysis of key markets.
The dollar was up on Thursday morning in Asia following its first back-to-back gains in two weeks overnight. Positive U.S. data that continued to raise hopes that the country will see a faster economic recovery from COVID-19 than its global peers.
Oil prices rose as much as a dollar on Thursday, extending this week’s gains and hitting 13-month highs, as a cold snap sweeping Texas and surrounding regions shut at least a fifth of U.S. refining output and a million barrels of crude production.
Gold was up on Thursday morning in Asia, but hovered close to its lowest level in more than two months as the dollar strengthened and progress in the global economic recovery from COVID-19 dampened demand for the safe-haven yellow metal.
➕ Resources ➖ Financials ➖ Industrials (in ranking order)