Asian shares dipped on Monday as concerns about China's property sector and inflation worries offset upbeat U.S. data and positive news on new drugs to fight the coronavirus.
The core U.S. PCE price index, the Federal Reserve's preferred inflation measure for its flexible 2% target, increased 3.6% in August from a year earlier, its biggest rise in three decades and matching July's gain.
"Although Powell has stuck to his script that inflation will be transitory, he is also recently starting to hedge his comments too, leading investors to suspect he, too, is worried about inflation," said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities. Expectations that elevated inflation could prompt the Federal Reserve to bring forward its timeline for monetary policy tightening has boosted U.S. bond yields last week.
But yields have pulled away from last week's multi-month peaks as month-end buying underpins bond prices.Lower U.S. yields also weighed on the dollar in the currency market. The euro bounced back to $1.1608 , off Thursday's 14-month low of $1.1563.Oil prices remained elevated, with Brent futures staying just shy of a three-year peak hit late last month, on expectations oil producing countries will raise supply in a steady manner when they meet on Monday.
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