Asian shares higher as dollar retreats, risk events abound
Asian shares tracked Wall Street higher amid hopes that China’s economy would pick up pace as COVID-19 curbs ease, although caution ahead of a week full of risk events, including the Federal Reserve’s policy meeting, could cap sentiment.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9% in early trade, edging closer to a three-month high hit earlier in the week. For the week, it was also set to rise 0.9%.
Oil prices rebound from 1-year low, but head for steep weekly losses
Oil prices rose sharply from a one-year low on Friday as traders bought into heavily-discounted markets, but were still set for deep losses this week as growing fears of a recession and rising interest rates eroded the outlook for crude demand.
Markets largely looked past the shutdown of the U.S.-Canada Keystone pipeline after a spill in Kansas, with analysts opining that the disruption in supply did little in the face of worsening demand.