Asian markets traded within narrow ranges on Monday, and oil prices increased, while Treasury yields saw a slight uptick, all as investors assessed the Federal Reserve’s commitment to maintaining higher interest rates for an extended period.
Japanese stocks saw an opening rise as investors sought bargains following last week’s declines. The Nikkei 225 index gained 0.29%, or 95.22 points, reaching 32,497.65 at 6:55 am IST, while the broader Topix index added 0.21%, or 5.34 points, reaching 2,381.61.
Oil prices climbed for a second consecutive day as hedge funds increased their bets on tightening supplies, anticipating a resumption of the recent rally.
In Australia, stocks declined broadly on Monday as investors grappled with the likelihood of prolonged global interest rate increases. The S&P/ASX 200 index fell 0.35% to 7,044.3, with mining and gold stocks leading the decline.
Federal Reserve officials expressed uncertainty on Friday regarding the resolution of the inflationary challenge and indicated that tight monetary policy might persist longer than previously anticipated
