The S&P 500 and Dow cut intraday losses to close at record highs on Monday, as rising megacap tech stocks offset weakness in economically-sensitive cyclical stocks amid concerns about slowing global growth just a day ahead of a potential update on monetary policy from Federal Reserve Chairman Jerome Powell.
Asia Pacific stocks were mostly down on Tuesday morning, with investors continuing to digest the latest economic data from China amid fears that the latest COVID-19 outbreaks will delay the global economic recovery.
Oil fell on Monday morning in Asia, falling more than 1% and dropping below the $70 mark. Concerns remained that the restrictive measures currently in place to curb the latest COVID-19 outbreaks would continue to dampen the fuel demand outlook.
Gold held an advance as a drop in U.S. consumer sentiment and concerns over the highly contagious delta virus strain stoked demand for the haven asset
The dollar was down on Monday morning in Asia, remaining near a one-week low. The U.S. currency slumped the most in almost seven weeks on Friday after a sharp fall in. U.S. consumer confidence lessened the likelihood of a tighter U.S. Federal Reserve monetary policy.
Asian share markets slipped on Monday after a raft of Chinese data showed a surprisingly sharp slowdown in the engine of global growth, just as much of the world races to stem the spread of the Delta variant of COVID-19 with vaccinations.