Asia shares turn mixed, gold hits record above $2,100

Sydney, Dec. 4 (BNA): Asian shares turned mixed on Monday while gold spiked to all-time peaks above $2,100 at the start of a busy week for economic data that will test market wagers for early and aggressive rate cuts from major central banks next year.


Median forecasts are for payrolls to rise 180,000, keeping unemployment steady at 3.9%, Reuters reported.


MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3%, led by gains in South Korea and Australia. Japan’s Nikkei dipped 0.6% as the yen extended recent gains.


Chinese blue chips eased 0.5%, while the country’s central bank set another firm fix for the yuan.


S&P 500 futures dipped 0.2% after finishing at a 20-month high on Friday, while Nasdaq futures lost 0.3%. The S&P 500 is up 19% for the year so far and just 4% away from its all-time peak.


The euro was flat at $1.0874. It had also been climbing recently but suffered a reversal last week when surprisingly soft inflation data led markets to price in a March rate cut from the European Central Bank.


The dive in yields and the dollar has been a boon for non-yielding gold, which added 0.9% to $2,088 an ounce after hitting a record of $2,111.39 an ounce.


Oil prices have not been so fortunate, amid doubts OPEC+ will be able to maintain planned output cuts. At the same time, U.S. oil production is at record levels above 13 million barrels a day and rig counts are still rising.

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The attacks on shipping in the Red Sea offered only fleeting support and Brent eased 51 cents to $78.37 a barrel, while U.S. crude fell 44 cents to $73.63.




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