Asia stocks slip, gold firm as Middle East conflict grips markets

FILE PHOTO: Passersby walk in front of an electric screen displaying Japan's Nikkei share average outside a brokerage in Tokyo, Japan March 21, 2024. REUTERS/Issei Kato/File PhotoSINGAPORE: Asian shares fell and gold prices rose on Monday as risk sentiment took a hit after Iran's retaliatory attack on Israel stoked fears of a wider regional conflict and kept traders on edge.

Brent was last 0.24 per cent lower at US$90.23 per barrel, while US West Texas Intermediate crude futures fell 0.35 per cent to US$85.36 a barrel. US stock futures ticked higher, after a heavy selloff on Wall Street on Friday as results from major US banks failed to impress.EUROSTOXX 50 futures tacked on 0.22 per cent, while FTSE futures slid 0.5 per cent.

The benchmark 10-year yield last stood at 4.5605 per cent, while the two-year yield held near the 5 per cent level and was last at 4.9269 per cent. That sea change in the rate outlook has in turn sent the dollar on a tear, pushing it to a 34-year peak of 153.85 yen on Monday."We have updated our forecasts for the US FOMC, pushing out the timing of the start of the interest rate cutting cycle to September 2024, from July previously," said Kristina Clifton, a senior economist at Commonwealth Bank of Australia.

Source: News Formal (newsformal.com)

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