Asian stocks fluctuated Monday as investors weighed the implications of surging energy prices and risks from China. The dollar dipped. MSCI Inc.’s index of Asian shares pared gains.
Hong Kong came off its highs, while gains were also trimmed in Japan and Australia. Shares in Shanghai declined as materials stocks dropped on worries that power curbs are hurting manufacturing.
U.S. futures climbed. The S&P 500 edged up on Friday to eke out the first weekly gain in three. Commodities such as iron ore and commodity-linked currencies like the Australian dollar jumped.
West Texas Intermediate extended a rally to top $75 a barrel, while Brent hit the highest level since October 2018 on signs that the crude market is tightening because of a global energy crunch.
Ten-year Treasury yields broke through the top of a range that’s held since mid-July, surpassing 1.4% after hawkish messages last week from the Federal Reserve and the Bank of England.
Bitcoin traded around $44,000. Digital currencies plunged Friday as China intensified its push to rein in crypto speculation and mining, but recovered much of the drop over the weekend.
