Asian share markets started on a cautious note and gold gained on Monday as images of riots in burning U.S. cities unnerved investors already tense over Washington's power struggle with Beijing.
"If American consumers were reluctant to come out of their Covid19 lockdown cocoon, fearing a secondary spreader with police cars ablaze, freeways blocked, and videos of mass looting shared through social media like wildfire, they're not going to feel any safer,' said Stephen Innes, chief global markets strategist at AxiCorp.
The May jobs report due out on Friday is forecast to show the unemployment rate surged to 19.8per cent, smashing April’s record 14.7per cent. Payrolls are expected to drop by 7.4 million, on top of the 20.5 million jobs lost the previous month. In Asia, an official business survey from China over the weekend showed its factory activity grew at a slower pace in May but momentum in the services and construction sectors quickened, pointing to an uneven recovery.
The decline in U.S. yields has been a burden for the dollar, but the world's reserve currency also tends to benefit from safe-haven status to limit the losses.
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