Asian shares inched higher on Monday following a much-needed bounce on Wall Street, but nerves are stretched ahead of a rate hike in Europe and another round of corporate earnings reports. Europe is also waiting to see if Russia resumes the flow of gas through the Nord Stream 1 pipeline on July 21.
Gold Steady Near 11-Month Low
Gold is holding near an 11-month low as traders assess the strength in the US dollar amid concerns over global growth, as well as the outlook for inflation and interest rate hikes. Bullion just capped its fifth straight weekly loss, the longest streak of such declines in almost four years
Oil price drops
Oil prices fell $1 in early trading in Asia on Monday, cutting into gains from Friday, as attention turned back to rising COVID-19 cases in China and the prospect of lockdowns again reducing fuel demand in the world’s top oil importing nation.
Wall Street rallies on Friday
Wall Street capped a week of losses with a broad rally on Friday, as investors welcomed solid earnings from big companies and an encouraging report on consumer sentiment and inflation expectations. The S&P 500 rose 1.9%, snapping a five-day losing streak. The Dow Jones Industrial Average rose 2.1% and the Nasdaq gained 1.8%.
Download
the App to get 14 days of unlimited access to Mint Premium absolutely free!
