Asian shares rose to a record high and US stock futures gained on Wednesday as investors tracked positive news on COVID-19 vaccines and ongoing efforts to launch more fiscal stimulus.

World Business Watch: Asia shares hit record high on vaccine progress

<a href="https://www.wionews.com/business-economy/global-markets-asia-shares-eke-out-another-peak-pound-fears-brexit-redux-268851">Asian markets</a> idled near 18-month highs on Monday as trading volumes weakened ahead of the Christmas holiday break, with investors taking profit on gains made earlier this month.

In early European trades, the pan-region Euro Stoxx 50 futures and German DAX futures rose 0.1 per cent&nbsp;each while those for London's FTSE inched up a bit.

E-Mini futures for the S&amp;P 500 climbed to all-time highs having put on 2.7 per cent&nbsp;for the month.

MSCI's <a href="https://www.wionews.com/business-economy/nifty-sensex-flat-as-financials-offset-it-gains-269058">broadest index</a> of Asia-Pacific shares outside Japan hovered near its highest since June 2018, having risen 1.4 per cent&nbsp;last week and more than 5 per cent&nbsp;this month. For the final quarter of the year, it is up nearly 10 per cent, so far.

Global stocks were "basking in the afterglow of the <a href="https://www.wionews.com/world/phase-one-trade-deal-with-china-would-be-signed-very-shortly-donald-trump-269576">US&nbsp;China trade deal</a> and continued encouraging signs of stabilisation in the global growth slowdown," said <a href="https://www.wionews.com/business-economy/global-markets-asian-shares-a-sea-of-red-as-hk-chaos-hits-sentiment-261277">David Bassanese</a>, Sydney-based chief economist at Betashares.

On Friday, the benchmark S&amp;P 500 extended its run of record highs to seven straight sessions, its longest streak in more than two years. All three major US&nbsp;indexes - the S&amp;P 500, Nasdaq and Dow - notched up gains.

"While we're entering 2020 with more hope than last year, as is always the case, there's never any room for complacency," Bassanese added.

Data on Friday showed US&nbsp;growth nudged up in the third quarter, while there were signs the economy maintained its moderate pace of expansion as the year ended. Consumer spending was stronger than previously reported, and there were upgrades to business spending.

US&nbsp;President Donald Trump gave markets more reasons to cheer on Saturday when he said the United States and China would "very shortly" sign their so-called <a href="https://www.wionews.com/world/donald-trump-xi-jinping-give-positive-signals-on-trade-deal-after-phone-call-269443">Phase One&nbsp;trade pact</a>.

Under the deal, the United States would agree to reduce some tariffs in exchange for a big jump in Chinese purchases of American farm products.

Further, China said on Monday it would lower tariffs on products ranging from frozen pork and avocado to some types of semiconductors next year as it looks to boost imports amid a slowing economy and a trade war with the United States.

During Asian hours on Monday, Japan's <a href="https://www.wionews.com/world/irans-rouhani-to-visit-japan-amid-heightened-tensions-with-united-states-268703">Nikkei</a> trod water after reaching a 14-month top last week. It was ahead by 2.3 per cent&nbsp;for the month so far.

South Korea's market was down 0.1 per cent&nbsp;after adding 5.5 per cent&nbsp;so far in December. Chinese shares eased with the blue-chip CSI300 down 0.5 per cent&nbsp;while Australian shares ended in the red.

The only major data this week is the US&nbsp;<a href="https://www.wionews.com/world/trade-truce-unlikely-in-2020-but-us-recession-fears-recede-economists-reuters-poll-261987">personal consumption expenditure</a> (PCE) deflator for November, due on Friday.

Action was muted in currency markets as well.

The euro held at $1.1078 after slipping 0.4 per cent&nbsp;last week.

Sterling last fetched $1.3011, not far from Friday's three-week low of $1.2976. It slid 2.6 per cent&nbsp;last week for its worst weekly showing since October 2017.

The safe haven Japanese yen was treading water at 109.40.

That left the dollar index barely changed at 97.667 against six major currencies.

In commodities, <a href="https://www.wionews.com/business-economy/oil-falls-as-us-inventories-rise-but-demand-hopes-stem-bigger-drop-268973">Brent crude</a> was off 21 cents at $65.93 a barrel, while West Texas Intermediate crude slipped 24 cents to $60.2 a barrel.

Spot gold was slightly ahead at $1,480.62 an ounce.

Asian markets idled near 18-month highs on Monday as trading volumes weakened ahead of the Christmas holiday break, with investors taking profit on gains made earlier this month.

Asian markets idled near 18-month highs on Monday as trading volumes weakened ahead of the Christmas holiday break, with investors taking profit on gains made earlier this month. In early European trades, the pan-region Euro Stoxx 50 futures and German DAX futures rose 0.1 per cent each while those for London's FTSE inched up a bit. E-Mini futures for the S&P 500 climbed to all-time highs having put on 2.7 per cent for the month. MSCI's broadest index of Asia-Pacific shares outside Japan hovered near its highest since June 2018, having risen 1.4 per cent last week and more than 5 per cent this month. For the final quarter of the year, it is up nearly 10 per cent, so far. Global stocks were "basking in the afterglow of the US China trade deal and continued encouraging signs of stabilisation in the global growth slowdown," said David Bassanese, Sydney-based chief economist at Betashares. On Friday, the benchmark S&P 500 extended its run of record highs to seven straight sessions, its longest streak in more than two years. All three major US indexes - the S&P 500, Nasdaq and Dow - notched up gains. "While we're entering 2020 with more hope than last year, as is always the case, there's never any room for complacency," Bassanese added. Data on Friday showed US growth nudged up in the third quarter, while there were signs the economy maintained its moderate pace of expansion as the year ended. Consumer spending was stronger than previously reported, and there were upgrades to business spending. US President Donald Trump gave markets more reasons to cheer on Saturday when he said the United States and China would "very shortly" sign their so-called Phase One trade pact. Under the deal, the United States would agree to reduce some tariffs in exchange for a big jump in Chinese purchases of American farm products. Further, China said on Monday it would lower tariffs on products ranging from frozen pork and avocado to some types of semiconductors next year as it looks to boost imports amid a slowing economy and a trade war with the United States. During Asian hours on Monday, Japan's Nikkei trod water after reaching a 14-month top last week. It was ahead by 2.3 per cent for the month so far. South Korea's market was down 0.1 per cent after adding 5.5 per cent so far in December. Chinese shares eased with the blue-chip CSI300 down 0.5 per cent while Australian shares ended in the red. The only major data this week is the US personal consumption expenditure (PCE) deflator for November, due on Friday. Action was muted in currency markets as well. The euro held at $1.1078 after slipping 0.4 per cent last week. Sterling last fetched $1.3011, not far from Friday's three-week low of $1.2976. It slid 2.6 per cent last week for its worst weekly showing since October 2017. The safe haven Japanese yen was treading water at 109.40. That left the dollar index barely changed at 97.667 against six major currencies. In commodities, Brent crude was off 21 cents at $65.93 a barrel, while West Texas Intermediate crude slipped 24 cents to $60.2 a barrel. Spot gold was slightly ahead at $1,480.62 an ounce.

Asian shares near 18-month high, bask in trade deal afterglow

<a href="https://www.wionews.com/business-economy/asian-markets-fall-as-trump-impeachment-saga-continues-252311">Asian shares and the Chinese yuan were off to a cautious start</a> on Monday as investors looked to how Chinese financial markets will react to the news the US&nbsp;administration is considering delisting Chinese companies from US&nbsp;stock exchanges.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.11 per cent&nbsp;while Japan's Nikkei shed 0.61 per cent. US&nbsp;stock futures gained 0.24 per cent&nbsp;in early trade, paring back almost a half of Friday's 0.53 per cent&nbsp;fall in the index.

The offshore Chinese yuan was little moved at 7.1339 yuan per dollar, off Friday's three-week low of 7.1520 to the dollar.

Chinese share markets will trade only on Monday this week ahead of China's National Day holiday, which runs until October&nbsp;7.

Risk assets took a hit in US trade on Friday following the news that the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from US stock exchanges.

The report knocked Chinese shares listed on US&nbsp;exchanges, with Alibaba Group Holding falling 5.15 per cent&nbsp;and JD.com 5.95 per cent&nbsp;on Friday.

The delisting of Chinese companies from US&nbsp;stock exchanges was part of a broader effort to limit US&nbsp;investment in Chinese companies, two sources briefed on the matter told Reuters.

"While China runs a current account surplus and is a net creditor nation, Chinese companies are net debtors and rely on foreign capital," Koji Fukaya, president of Office Fukaya Consulting.

"Washington seems to be trying to limit Chinese companies' activities by putting pressure on their funding," he said.

Still, with trade talks between the United States and China expected to be held October 10-11, many market players are sticking to hopes such drastic measures on capital markets could be avoided.

"At this point, markets will have to wait and see. Of course we need to be guarded against more crazy headlines, but this week could be a bit calmer given holidays in China. Economic data will likely be the main driver for markets," said Kyosuke Suzuki, director of forex at Societe Generale.

Surveys on Chinese companies are due on Monday while in the United States, key business sentiment data and an employment report will be closely scrutinised on clues on how the economy is faring in the face of the ongoing tussle with China.

US&nbsp;data on Friday showed consumer spending barely rose in August and business investment remained weak, suggesting the American economy was losing momentum as the trade dispute drags on.

Industrial output in Japan and South Korea, released Monday morning, dropped more than expected, underscoring the headwinds from the trade war.

Investors are also keeping a wary eye on US&nbsp;politics.

US&nbsp;House Speaker Nancy Pelosi said that public opinion is now on the side of an <a href="https://www.wionews.com/world/like-every-american-i-deserve-to-meet-my-accuser-donald-trump-252710">impeachment inquiry against Trump</a> following the release of new information about his conversations with Ukrainian President Volodymyr Zelenskiy.

Major currencies were little changed in early trade.

The yen traded flat at 107.94 yen.

The euro hovered at $1.0945, having sunk to a 28-month low of $1.0904 on Friday as concerns about tepid growth in Europe weighed on the common currency.

Sterling traded at $1.2294, not far from Friday's low of $1.2270, its lowest since Sept. 9.

Boris Johnson said on Sunday he would not quit as Britain's prime minister even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on October&nbsp;31.

Oil prices slightly bounced off a tad after last week's slide.

Saudi Arabia's crown prince warned in an interview with CBS program "60 Minutes." aired on Sunday that crude prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran.

But crown prince Mohammed bin Salman said he would prefer a political solution to a military one, adding the September&nbsp;14 attacks on the kingdom's oil facilities were an act of war by Iran.

Brent crude futures rose 0.34 per cent&nbsp;to $62.12 a barrel while US&nbsp;West Texas Intermediate (WTI) crude gained 0.32 per cent&nbsp;to $56.09 per barrel.

Asian shares and the Chinese yuan were off to a cautious start on Monday as investors looked to how Chinese financial markets will react to the news the US administration is considering delisting Chinese companies from US stock exchanges.

Asian shares and the Chinese yuan were off to a cautious start on Monday as investors looked to how Chinese financial markets will react to the news the US administration is considering delisting Chinese companies from US stock exchanges. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.11 per cent while Japan's Nikkei shed 0.61 per cent. US stock futures gained 0.24 per cent in early trade, paring back almost a half of Friday's 0.53 per cent fall in the index. The offshore Chinese yuan was little moved at 7.1339 yuan per dollar, off Friday's three-week low of 7.1520 to the dollar. Chinese share markets will trade only on Monday this week ahead of China's National Day holiday, which runs until October 7. Risk assets took a hit in US trade on Friday following the news that the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from US stock exchanges. The report knocked Chinese shares listed on US exchanges, with Alibaba Group Holding falling 5.15 per cent and JD.com 5.95 per cent on Friday. The delisting of Chinese companies from US stock exchanges was part of a broader effort to limit US investment in Chinese companies, two sources briefed on the matter told Reuters. "While China runs a current account surplus and is a net creditor nation, Chinese companies are net debtors and rely on foreign capital," Koji Fukaya, president of Office Fukaya Consulting. "Washington seems to be trying to limit Chinese companies' activities by putting pressure on their funding," he said. Still, with trade talks between the United States and China expected to be held October 10-11, many market players are sticking to hopes such drastic measures on capital markets could be avoided. "At this point, markets will have to wait and see. Of course we need to be guarded against more crazy headlines, but this week could be a bit calmer given holidays in China. Economic data will likely be the main driver for markets," said Kyosuke Suzuki, director of forex at Societe Generale. Surveys on Chinese companies are due on Monday while in the United States, key business sentiment data and an employment report will be closely scrutinised on clues on how the economy is faring in the face of the ongoing tussle with China. US data on Friday showed consumer spending barely rose in August and business investment remained weak, suggesting the American economy was losing momentum as the trade dispute drags on. Industrial output in Japan and South Korea, released Monday morning, dropped more than expected, underscoring the headwinds from the trade war. Investors are also keeping a wary eye on US politics. US House Speaker Nancy Pelosi said that public opinion is now on the side of an impeachment inquiry against Trump following the release of new information about his conversations with Ukrainian President Volodymyr Zelenskiy. Major currencies were little changed in early trade. The yen traded flat at 107.94 yen. The euro hovered at $1.0945, having sunk to a 28-month low of $1.0904 on Friday as concerns about tepid growth in Europe weighed on the common currency. Sterling traded at $1.2294, not far from Friday's low of $1.2270, its lowest since Sept. 9. Boris Johnson said on Sunday he would not quit as Britain's prime minister even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on October 31. Oil prices slightly bounced off a tad after last week's slide. Saudi Arabia's crown prince warned in an interview with CBS program "60 Minutes." aired on Sunday that crude prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran. But crown prince Mohammed bin Salman said he would prefer a political solution to a military one, adding the September 14 attacks on the kingdom's oil facilities were an act of war by Iran. Brent crude futures rose 0.34 per cent to $62.12 a barrel while US West Texas Intermediate (WTI) crude gained 0.32 per cent to $56.09 per barrel.

Global Markets: Asian shares, Yuan off to calm start; focus on China

Asian share prices opened a tad lower on Friday on mixed US earnings reports and the euro held above two-year lows struck overnight after the European Central Bank held interest rates steady, though officials said a cut was certain in September.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.15% while Japan's Nikkei dipped 0.3%.

Wall Street shares fell from record highs on Thursday, with the S&amp;P 500 losing 0.53%, following a flurry of downbeat quarterly results from Ford Motor and other companies.

But several companies that announced their results after the market had closed on Thursday generally beat market expectations, and their shares rose in after-hours trade.

Google parent Alphabet rose 8.4%, Intel Corp 5.6% and Starbucks 6.4%. Amazon, however, dipped 1.7% on its first profit miss in two years.

US stock futures were little changed in Asia.

"Some capital goods makers have reported soft earnings but otherwise US earnings have been generally good, partly because investors had already lowered their expectations," said Hitoshi Asaoka, senior strategist at Asset Management One.

"Still, with US share prices already at record levels, further gains are likely to be limited unless we see clearer signs of recovery in global demand," he said.

A rally in global bonds ran out of steam after European Central Bank President Mario Draghi cautioned about pulling the trigger too quickly even though he signalled another round of monetary easing.

ECB Officials told Reuters after the meeting that an interest rate cut in September appeared certain, while government bond purchases and a revamped policy message were also likely.

The euro's overnight index swaps are pricing in a cut of more than 10 basis points in September.

The 10-year German government bond yield initially hit a record low of minus 0.463 per cent but ended the day up slightly at minus 0.407 per cent.

The US 10-year Treasuries yield also rose 3 basis points to 2.079 per cent on Thursday and traded at 2.107 per cent in the following Asian session.

Also helping to stem falls in bond yields, new orders for key US-made capital goods surged in June, suggesting some improvement in business investment.

In the currency market, the euro bounced back to at $1.11465 in Asian trade, after sinking to $1.1101 on Thursday, its lowest since May 2017.

The yen was little changed against the dollar at 108.67 yen per dollar.

Oil prices held firm on rising tensions between the West and Iran and a big decline in US crude stockpiles, though gains were held in check by worries about slowing growth in major economies.

Asian share prices opened a tad lower on Friday on mixed US earnings reports and the euro held above two-year lows struck overnight after the European Central Bank held interest rates steady, though officials said a cut was certain in September.

Asian share prices opened a tad lower on Friday on mixed US earnings reports and the euro held above two-year lows struck overnight after the European Central Bank held interest rates steady, though officials said a cut was certain in September. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.15% while Japan's Nikkei dipped 0.3%. Wall Street shares fell from record highs on Thursday, with the S&P 500 losing 0.53%, following a flurry of downbeat quarterly results from Ford Motor and other companies. But several companies that announced their results after the market had closed on Thursday generally beat market expectations, and their shares rose in after-hours trade. Google parent Alphabet rose 8.4%, Intel Corp 5.6% and Starbucks 6.4%. Amazon, however, dipped 1.7% on its first profit miss in two years. US stock futures were little changed in Asia. "Some capital goods makers have reported soft earnings but otherwise US earnings have been generally good, partly because investors had already lowered their expectations," said Hitoshi Asaoka, senior strategist at Asset Management One. "Still, with US share prices already at record levels, further gains are likely to be limited unless we see clearer signs of recovery in global demand," he said. A rally in global bonds ran out of steam after European Central Bank President Mario Draghi cautioned about pulling the trigger too quickly even though he signalled another round of monetary easing. ECB Officials told Reuters after the meeting that an interest rate cut in September appeared certain, while government bond purchases and a revamped policy message were also likely. The euro's overnight index swaps are pricing in a cut of more than 10 basis points in September. The 10-year German government bond yield initially hit a record low of minus 0.463 per cent but ended the day up slightly at minus 0.407 per cent. The US 10-year Treasuries yield also rose 3 basis points to 2.079 per cent on Thursday and traded at 2.107 per cent in the following Asian session. Also helping to stem falls in bond yields, new orders for key US-made capital goods surged in June, suggesting some improvement in business investment. In the currency market, the euro bounced back to at $1.11465 in Asian trade, after sinking to $1.1101 on Thursday, its lowest since May 2017. The yen was little changed against the dollar at 108.67 yen per dollar. Oil prices held firm on rising tensions between the West and Iran and a big decline in US crude stockpiles, though gains were held in check by worries about slowing growth in major economies.

Asian shares dip on mixed US earnings, euro off 2-year low as ECB holds

Asian share markets turned higher on Thursday following a media report the United States and China have tentatively agreed to a truce in their trade war, ahead of a closely-watched meeting between the two nations this weekend.

The South China Morning Post (SCMP), citing sources, said in Washington and Beijing were laying out an agreement that would help avert the next round of tariffs on an additional $300 billion of Chinese imports.

On Wednesday, US President Donald Trump said a trade deal with his Chinese counterpart Xi Jinping was possible this weekend though he was prepared to impose tariffs on virtually all remaining Chinese imports if talks fail.

"But the truce cake seems to have been baked," the SCMP cited one of its sources as saying.

Hopes the world's two biggest economies would finally reach an agreement were enough to cheer investors, sending MSCI's broadest index of Asia-Pacific shares outside Japan up 0.6%.

China led the gains with its blue-chip index up 1.4%. South Korea's KOSPI index was up 0.6% while Hong Kong's Hang Seng and Japan's Nikkei jumped 0.8%.

Relations between Washington and Beijing have spiralled downward since talks collapsed in May, when the United States accused China of reneging on pledges to reform its economy.

The ongoing trade war has already rattled investors who have ditched shares for the safety of bonds and gold this year. It has also prompted the U.S. Federal Reserve to pause its rate tightenings and, in fact, signal a cut as soon as next month.

Many traders said they expected the market to remain in a narrow range until after the weekend meeting of G20 leaders in Osaka, Japan where Trump is also holding bilateral talks with other nations.

"The bottom line is the market has been hit by a barrage of noise that gives us less clarity than before," said Chris Weston, market strategist at Pepperstone.

"While the most likely situation is we simply hear a lot of bravadoes that the two sides plan to work closely together and agree to find a solution that is amicable, we still need to consider if the event poses a gaping risk for markets," he added.

"It certainly feels as though the probability is we will see traders manage exposures, refraining from adding too much additional risk just in case."

Wall Street had been circumspect, with the Dow ending Wednesday down 0.04%, while the S&amp;P 500 lost 0.12% and the Nasdaq rose 0.32%.

Less that 50

Trump weighed into US monetary policy on Wednesday, accusing Federal Reserve Chairman Jerome Powell of doing a "bad job" and "out to prove how tough he is" by not cutting interest rates.

Markets are convinced the Fed will indeed ease at its next meeting in July, but had to scale back bets on a half-point cut following cautious comments from various policymakers.

Futures are 100% priced for a cut of 25 basis points, and imply a 22% chance of 50 basis points.

The probability of a less aggressive Fed and expectations of a Sino-China trade truce helped ease the selling pressure on the US dollar, which inched up to 96.276 on a basket of currencies from a three-month trough of 95.843.

The dollar bounced modestly against the yen to 107.97 and away from a low of 106.77. The euro likewise eased back to $1.13615 from a top of $1.1412.

The dollar's gains took a little of the shine off gold, which broke a six-session winning stretch and eased to $1,407.22 per ounce.

Oil prices ran into profit-taking in early Asia, having gained overnight on a larger-than-expected drawdown in crude stocks as exports hit a record high and surprise falls in refined product stockpiles.

Brent crude futures eased 20 cents to $66.29, while US crude lost 22 cents to $59.16 a barrel. 
&nbsp;

Asian share markets turned higher on Thursday following a media report the United States and China have tentatively agreed to a truce in their trade war, ahead of a closely-watched meeting between the two nations this weekend.

Asian share markets turned higher on Thursday following a media report the United States and China have tentatively agreed to a truce in their trade war, ahead of a closely-watched meeting between the two nations this weekend. The South China Morning Post (SCMP), citing sources, said in Washington and Beijing were laying out an agreement that would help avert the next round of tariffs on an additional $300 billion of Chinese imports. On Wednesday, US President Donald Trump said a trade deal with his Chinese counterpart Xi Jinping was possible this weekend though he was prepared to impose tariffs on virtually all remaining Chinese imports if talks fail. "But the truce cake seems to have been baked," the SCMP cited one of its sources as saying. Hopes the world's two biggest economies would finally reach an agreement were enough to cheer investors, sending MSCI's broadest index of Asia-Pacific shares outside Japan up 0.6%. China led the gains with its blue-chip index up 1.4%. South Korea's KOSPI index was up 0.6% while Hong Kong's Hang Seng and Japan's Nikkei jumped 0.8%. Relations between Washington and Beijing have spiralled downward since talks collapsed in May, when the United States accused China of reneging on pledges to reform its economy. The ongoing trade war has already rattled investors who have ditched shares for the safety of bonds and gold this year. It has also prompted the U.S. Federal Reserve to pause its rate tightenings and, in fact, signal a cut as soon as next month. Many traders said they expected the market to remain in a narrow range until after the weekend meeting of G20 leaders in Osaka, Japan where Trump is also holding bilateral talks with other nations. "The bottom line is the market has been hit by a barrage of noise that gives us less clarity than before," said Chris Weston, market strategist at Pepperstone. "While the most likely situation is we simply hear a lot of bravadoes that the two sides plan to work closely together and agree to find a solution that is amicable, we still need to consider if the event poses a gaping risk for markets," he added. "It certainly feels as though the probability is we will see traders manage exposures, refraining from adding too much additional risk just in case." Wall Street had been circumspect, with the Dow ending Wednesday down 0.04%, while the S&P 500 lost 0.12% and the Nasdaq rose 0.32%. Less that 50 Trump weighed into US monetary policy on Wednesday, accusing Federal Reserve Chairman Jerome Powell of doing a "bad job" and "out to prove how tough he is" by not cutting interest rates. Markets are convinced the Fed will indeed ease at its next meeting in July, but had to scale back bets on a half-point cut following cautious comments from various policymakers. Futures are 100% priced for a cut of 25 basis points, and imply a 22% chance of 50 basis points. The probability of a less aggressive Fed and expectations of a Sino-China trade truce helped ease the selling pressure on the US dollar, which inched up to 96.276 on a basket of currencies from a three-month trough of 95.843. The dollar bounced modestly against the yen to 107.97 and away from a low of 106.77. The euro likewise eased back to $1.13615 from a top of $1.1412. The dollar's gains took a little of the shine off gold, which broke a six-session winning stretch and eased to $1,407.22 per ounce. Oil prices ran into profit-taking in early Asia, having gained overnight on a larger-than-expected drawdown in crude stocks as exports hit a record high and surprise falls in refined product stockpiles. Brent crude futures eased 20 cents to $66.29, while US crude lost 22 cents to $59.16 a barrel.

Asian shares creep higher on hopes of US-China trade truce

Asian shares slipped on Monday and the dollar pulled away from last week&#39;s lows on expectations that a signal might emerge from a Federal Reserve gathering this week in Jackson Hole, Wyoming that the US central bank is gearing up to hike interest rates. 
 
Global central bankers will join the annual mountain retreat that opens on Thursday, with Fed Chair Janet Yellen due to speak the following day. 
 
On Sunday, Fed Vice Chairman Stanley Fischer gave a generally upbeat assessment of the US economy&#39;s current strength in prepared remarks, saying the job market was close to full strength and still improving. 
 
&quot;We are close to our targets,&quot; Fischer said, though he did not directly address the timing of when the US central bank should next raise interest rates. 
 
Last week, New York Fed President William Dudley said a rate hike would be possible in September. Fischer&#39;s remarks fuelled that sense of anticipation, though interest rate futures contracts indicate that market is pricing in about 50/50 odds of an increase in December. 
 
&quot;Fischer&#39;s comments have raised some expectations in the market, particularly after Dudley&#39;s recent comments,&quot; said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank. 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan was down 0.7 per cent, after losing 0.3 per cent last week. Wall Street logged modest losses on Friday, ending nearly flat for the week. 
 
Japan&#39;s Nikkei rose 0.3 per cent, taking solace from a weaker currency ahead of the Jackson Hole meeting. It had skidded 2.2 percent last week, as the dollar dipped below 100 yen. 
 
&quot;Moves in the Japanese market will likely be dominated by the dollar-yen performances after the meeting,&quot; said Masashi Oda, general manager of the strategic investment department at Sumitomo Mitsui Trust Asset Management. &quot;The market could move either way, but most people want some kind of signal at this point.&quot; 
 
The dollar was up 0.6 percent against its Japanese counterpart at 100.84 yen, while the euro was down 0.4 percent at $1.1276, pulling away from last week&#39;s eight-week high of $1.1366. 
 
The dollar index, which tracks the greenback against a basket of six major rivals, added 0.4 per cent to 94.923, pulling away from last week&#39;s low of 94.077, which was its lowest since June 24. 
 
Crude oil futures dropped, giving back some of their recent gains that propelled oil into bull market territory, after technicals had it in a bear market earlier this month. 
 
Crude futures have risen almost $10 a barrel since early August on speculation that Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries will agree next month to a production freeze deal with non-OPEC producers led by Russia. 
 
US crude fell 0.9 percent to $48.09 after gaining 9 per cent last week, rising for a second straight week. Brent crude was 1.3 per cent lower at $50.20 a barrel, after gaining 8 per cent last week, rising for a third week in a row. 
 
Gold fell on Monday to its lowest in over a week as the dollar strengthened. Spot gold was down 0.5 percent at $1,334.01 an ounce.

(Reuters) 
 
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Fed Vice Chairman Stanley Fischer gave an upbeat assessment of the US economy's current strength, saying the job market was close to full strength and still improving

Asian shares slipped on Monday and the dollar pulled away from last week's lows on expectations that a signal might emerge from a Federal Reserve gathering this week in Jackson Hole, Wyoming that the US central bank is gearing up to hike interest rates. Global central bankers will join the annual mountain retreat that opens on Thursday, with Fed Chair Janet Yellen due to speak the following day. On Sunday, Fed Vice Chairman Stanley Fischer gave a generally upbeat assessment of the US economy's current strength in prepared remarks, saying the job market was close to full strength and still improving. "We are close to our targets," Fischer said, though he did not directly address the timing of when the US central bank should next raise interest rates. Last week, New York Fed President William Dudley said a rate hike would be possible in September. Fischer's remarks fuelled that sense of anticipation, though interest rate futures contracts indicate that market is pricing in about 50/50 odds of an increase in December. "Fischer's comments have raised some expectations in the market, particularly after Dudley's recent comments," said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.7 per cent, after losing 0.3 per cent last week. Wall Street logged modest losses on Friday, ending nearly flat for the week. Japan's Nikkei rose 0.3 per cent, taking solace from a weaker currency ahead of the Jackson Hole meeting. It had skidded 2.2 percent last week, as the dollar dipped below 100 yen. "Moves in the Japanese market will likely be dominated by the dollar-yen performances after the meeting," said Masashi Oda, general manager of the strategic investment department at Sumitomo Mitsui Trust Asset Management. "The market could move either way, but most people want some kind of signal at this point." The dollar was up 0.6 percent against its Japanese counterpart at 100.84 yen, while the euro was down 0.4 percent at $1.1276, pulling away from last week's eight-week high of $1.1366. The dollar index, which tracks the greenback against a basket of six major rivals, added 0.4 per cent to 94.923, pulling away from last week's low of 94.077, which was its lowest since June 24. Crude oil futures dropped, giving back some of their recent gains that propelled oil into bull market territory, after technicals had it in a bear market earlier this month. Crude futures have risen almost $10 a barrel since early August on speculation that Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries will agree next month to a production freeze deal with non-OPEC producers led by Russia. US crude fell 0.9 percent to $48.09 after gaining 9 per cent last week, rising for a second straight week. Brent crude was 1.3 per cent lower at $50.20 a barrel, after gaining 8 per cent last week, rising for a third week in a row. Gold fell on Monday to its lowest in over a week as the dollar strengthened. Spot gold was down 0.5 percent at $1,334.01 an ounce. (Reuters)

Asian shares dip, dollar rises as US Fed set to hike rates