A benchmark of Asian shares headed for its highest close since August and was approaching a technical bull market. The greenback fell versus most of its major counterparts, with notable weakness versus the Norwegian krone and the Australian and Canadian dollars.
China’s offshore yuan strengthened through the 7-per-dollar level for the first time in nearly three months. The Hang Seng China Enterprises Index rallied as much as 4%. Oil advanced on the prospect of more demand from China, as OPEC+ kept output steady and sanctions on Russian crude kicked in. Iron ore and copper climbed.Covid testing requirements across major cities over the weekend as Beijing appears to be engineering a gradual shift away from its strict Covid Zero policy amid elevated cases and public protests.
Meanwhile, Treasury yields climbed during Asian trading after last week’s wild moves following the US jobs report. Government bond yields in Australia and New Zealand fell.to increase their wagers on where rates will top out in the current tightening cycle, rather than changing their bets for the size of the increase at the Federal Reserve’s December meeting. Policymakers are still expected to deliver a downshift to a 50 basis points hike at the gathering.
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