Asian shares followed Wall Street higher in early trade on Tuesday as the passage of a U.S. infrastructure bill boosted sentiment while oil prices gained on the outlook for energy demand in an expansive global economy.
The dollar made a steady start to the week on Monday but was kept below Friday peaks, as currency traders seek a path between markets’ volatile interest rate projections and central bankers vowing to keep rates low even as inflation surges.
Oil prices rose on Monday after Saudi Arabia’s state-owned oil producer Aramco (SE:2222) raised the official selling price for its crude, suggesting demand remains strong at a time of tighter supplies.
Gold was up on Monday morning in Asia, hitting a two-month high. A dollar on the retreat also gave the yellow metal a boost.
Asian share markets were mixed on Monday as risk assets found support from the upbeat U.S. October payrolls report, but faced another test later in the week from a reading on U.S. inflation that could spook the rate horses.
Gold was up on Friday morning in Asia and was poised for a weekly gain. Investors also digested recent policy decisions from the Bank of England (BOE) and U.S. Federal Reserve.