Asian stocks steady as AI, Mideast jitters recede; dollar firm on Fed bets
SPY•Asian shares outside Japan rose 0.8% after falling 4.6% last week, while the dollar strengthened after a jobs report bolstered expectations of a December Federal Reserve rate hike. Brent crude fell to $97.49 a barrel after Donald Trump said he was highly unlikely to order fresh strikes on Iran while talks progress.
1. Asian markets steady
Asian markets and U.S. equity futures edged higher after a volatile week in which concerns about chip demand and AI profitability drove steep losses. Japan’s Nikkei rose 2.5%, while Taiwan’s benchmark gained about 2.5% after its heaviest weekly drop in two decades. Friday’s Wall Street rally helped calm markets.
2. Rates and dollar
U.S. employers added 165,000 jobs last month, more than twice economists’ expectations. Market expectations for a Federal Reserve rate increase of at least 25 basis points in December rose to nearly 80%, and investors were watching Tuesday’s U.S. CPI reading. The dollar index last stood at 102.2, after recording its biggest single-day gain in five months.
3. Oil and crypto
Brent crude fell to $97.49 a barrel after Trump said he was highly unlikely to order new attacks on Iran as long as talks to end the conflict progress. Bitcoin fell more than 2% to $73,708 and ether fell about 5% to $2,223, with investors concerned about possible tougher U.S. cryptocurrency regulation.
