Asia stocks fall on likely smaller Fed rate cut, crude climbs

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Asia stocks fell on Monday as investors scaled back expectations of an aggressiv...

The benchmark 10-year Treasury yield US10YT=RR stretched Friday’s modest gains and climbed to 2.056%.“A factor which could guide stocks lower this week are tweets by U.S. President Donald Trump pertaining to trade issues with China,” said Junichi Ishikawa, senior forex strategist at IG Securities.

“Stocks could decline if he continues to make challenging trade comments directed at China this week.” Trump maintained pressure on Beijing last week by renewing a threat to impose tariffs on another $325 billion of Chinese goods, even as hopes grew that the two sides could soon resume face-to-face negotiations in a bid to end their year-long trade war.In commodities, Brent crude futures LCOc1 were up 1.4% at $63.35 per barrel following a gain of about 0.9% on Friday.

Iran’s Revolutionary Guards on Friday captured a British-flagged oil tanker in the Gulf after Britain seized an Iranian vessel earlier this month, further raising tensions along a vital international oil shipping route.Gold slipped from a six-year high as the dollar firmed and as expectations for a deep rate cut by the Fed were dialed back.

Spot gold XAU=traded at $1,427.94 an ounce after going as high as $1,452.60 on Friday, its strongest since May 2013.

 

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