Asian shares have started the week lower, as higher risks of broader conflict in the Middle East cloud market sentiment and bond yields continue to rise
Asian shares were lower on Monday as higher risks of broader conflict in the Middle East clouded market sentiment and bond yields further pressured stocks.
U.S. futures rose while oil prices fell back.
Israel announced its intention on Saturday to step up its attacks on the Gaza Strip in preparation for the next stage of its war on Hamas. Israel’s military spokesman has urged residents of Gaza City to head south in order to ensure their safety.
A barrel of benchmark U.S. oil fell 80 cents to $87.30. It has been bouncing around since the latest Hamas-Israel war began, after leaping from $70 to more than $93 during the summer. It slipped 62 cents to settle at $88.75 on Friday. Brent crude, the international standard, slipped 64 cents to $91.52 per barrel.
Chinese stocks fell to a 1-year low early Monday as foreign investors sold off holdings. The Shanghai Composite index was down 1%, at 2,954.42. Hong Kong’s markets were closed for a holiday, as were Thailand’s.
International investors have been shifting their assets out of Chinese shares due to escalating geopolitical tensions, challenging economic conditions, and a crisis in the property industry.
Taiwan’s Taiex was 0.9% lower.
Shares in Taiwan-based Foxconn Technology Co., a Fortune 500 company known globally for making Apple iPhones, fell 1.
