TOKYO - Asian stocks recovered some losses on Monday and bond yields rose as fears of a wider Middle East conflict ebbed, with investors gravitating back towards riskier assets.
MSCI's broadest index of Asia-Pacific shares rose 0.93%, retracing some of the 1.8% drop from Friday, after news of the Israeli strike emerged.Japan's Nikkei added 0.48%, underperforming the rest of the region due to a high concentration of chip-sector shares, which tracked declines in U.S. peers from Friday.Hong Kong's Hang Seng jumped 2.26%, while mainland Chinese blue chips edged up 0.
Mideast tensions also stayed on the market's radar. Two Iraqi security sources told Reuters at least five rockets were launched from Iraq's town of Zummar towards a U.S. military base in northeastern Syria on Sunday. With a rise in U.S. stockpiles as the backdrop, Brent futures fell 54 cents, or 0.6%, to $86.75 a barrel. The front month U.S. West Texas Intermediate crude contract for May, which expires on Monday, fell 12 cents to $83.02 a barrel. The more active June contract dropped 47 cents, or 0.6%, to $81.75 a barrel.
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