Asian shares were off to a cautious start on Monday as investors pinned their ho...
TOKYO - Asian shares were off to a cautious start on Monday as investors pinned their hopes on any signs of a thaw in Sino-U.S. trade negotiations while oil prices firmed on worries over heightened tensions between the United States and Iran.
Wall Street shares closed slightly lower on Friday after hitting a record high thanks to signals last week from the Federal Reserve that it would cut interest rates soon to bolster its economy from protracted trade conflicts. “Event-driven players are buying back stocks as U.S. and China at least appear to be talking to each other,” said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities.
In China, the Global Times newspaper said FedEx Corp is likely to be added to Beijing’s ‘unreliable entities list’. Brent crude futures rose 0.6% to $65.58 per barrel, near Friday’s three-week high of $65.76. U.S. crude futures were up 0.75% at $57.88 per barrel. Yet tensions remain high between longtime foes Iran and the United States, with Washington due to announce “significant” sanctions on Iran on Monday.
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