Global stocks and gold extended losses as hawkish comments from Federal Reserve Chair Kevin Warsh fueled bets on an interest-rate hike next month. Oil climbed as Middle East tensions flared.
Wall Street’s retreat following Warsh’s Friday speech carried into Asia, where MSCI’s regional equities gauge fell 0.7%.
The Kospi Index — a barometer for artificial intelligence investments — slid 1.2%, with chipmakers Samsung Electronics Co. and SK Hynix Inc. the biggest drags. Futures contracts pointed to declines in Europe and further weakness in the tech-heavy Nasdaq 100 after last week’s semiconductor selloff.
Gold fell to around $4,415 an ounce as prospects for higher interest rates diminished the appeal of the non-yielding metal. Brent crude climbed 2.5% to $90.25 a barrel after the US military struck Iranian rocket launchers on Sunday, ending weeks of relative calm.
Bitcoin declined to about $77,500. Treasuries recouped some of last week’s losses in Asian trading Monday, with the two-year yield slipping two basis points to 4.32%.
Bloomberg’s dollar gauge also eased after the Fed chief’s Jackson Hole speech drove its biggest advance in two months on Friday.
