Asia edges up, oil and gold retreat on Mideast fears

The West Australian04-22

Asian stocks recovered some losses on Monday and bond yields rose as fears of a wider Middle East conflict ebbed, with investors gravitating back towards riskier assets.Gold and the safe-haven dollar ...

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Two Iraqi security sources told Reuters at least five rockets were launched from Iraq's town of Zummar towards a US military base in northeastern Syria on Sunday.MSCI's world equities index suffered its worst week since March 2023 last week, dropping 2.85 per cent. Early on Monday, it was up just 0.06 per cent.US stock futures added 0.26 per cent, following a 0.88 per cent drop for the S&P 500 on Friday.Bond yields - which climb when prices fall - rose back toward multi-month highs. The 10-year US Treasury yield added as much as 9 basis points to 4.658 per cent, heading back toward the five-month peak of 4.696 per cent reached last week on the view that the Fed would be in no hurry to ease policy amid robust economic data and sticky inflation.The dollar index, which measures the currency against six major peers, eased 0.07 per cent to 106.03. It was also at a five-month top last week, at 106.51.Gold slid 0.6 per cent to $US2,376.40 ($A3,705.31), retreating from near the all-time peak of $US2,431.29 ($A3,790.89) from last week.Crude oil fell as traders put the focus back on fundamentals.With a rise in US stockpiles as the backdrop, Brent futures fell 54 cents, or 0.6 per cent, to $US86.75 ($A135.26) a barrel. The front month US West Texas Intermediate (WTI) crude contract for May, which expires on Monday, fell 12 cents to $US83.02 ($A129.45) a barrel. 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