MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2%, though that was from a six-month top. Japan's Nikkei added 1.1% courtesy of a pullback in the yen, while South Korea shares eased 0.3%.Investors were nervous at the lack of a new stimulus package in the United States with White House Chief of Staff Mark Meadows not optimistic on reaching agreement soon on a deal.
Strong results from tech giants helped the S&P 500 climb 5.5% last month, while the NASDAQ rose 6.8%. Other sectors, however, did not fair nearly as well as many states rowed back on opening their economies in the face of surging infections. Much will depend on what key data show this week including the ISM survey of manufacturing later on Monday and the crucial payrolls report on Friday.
That took a heavy toll on the U.S. dollar which suffered its worst monthly drubbing in a decade in July even after rallying on Friday as bears took profits on crowded short positions. It had bounced in part when Japanese Finance Minister Taro Aso described the yen's recent rise as"rapid", signalling concern that a strong currency could add pain to an export-led economy already in recession.
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