Asian shares steadied on Monday as U.S. stock futures made cautious gains ahead of U.S. inflation data later in the week, while the euro touched a seven-year top on the yen amid wagers of European Central Bank tightening.
Oil prices firmed after Saudi Arabia raised prices sharply for its crude sales in July, an indicator of how tight supply is even after OPEC+ agreed to accelerate its output increases over the next two months.
MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1%, while Japan’s Nikkei recouped early losses to gain 0.3%.
The European Central Bank meets on Thursday and President Christine Lagarde is considered certain to confirm an end to bond-buying this month and the first-rate hike in July.
The euro hit a seven-year peak on the yen at 140.35 after climbing 2.9% last week, while the dollar stood at 102.110 after firming 0.4%.
Gold was stuck at $1,854 an ounce having held to a tight range for the past couple of weeks.
In commodity markets, wheat futures jumped 4% after Russia struck Ukraine with missiles, dampening hopes for progress in peace talks.
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