Apart from concerns about inflation and coronavirus restrictions, the war in Ukraine is still a major cause for uncertainty.
More than 60 people were feared dead after a Russian bomb flattened a school being used as a shelter, Ukrainian officials said. Moscow's forces pressed their attack on defenders inside Mariupol's steel plant in an apparent race to capture the city ahead of Russia's Victory Day holiday Monday.
"Russia's Victory Day today will also bring geopolitical risks back into the limelight as well. President Putin is likely to reiterate his justification for the Ukraine war but markets may be watching for any further efforts to ramp-up military operations to secure the war," said Yeap Jun Rong, market strategist at IG in Singapore.
Even the energy sector, a star performer in recent weeks, is under pressure Monday. Benchmark U.S. crude fell $2.88 to $106.89 a barrel in electronic trading on the New York Mercantile Exchange, but is still up more than 40% this year. Brent crude, the basis for pricing oil for international trading, edged down $2.74 to $109.65 a barrel.
In currency trading, the U.S. dollar rose to 131.06 Japanese yen from 130.55 yen. The euro cost $1.0540, down from $1.0545.
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