Asian stocks made a soft start to the week on Monday while oil and the euro were under pressure, as the return of COVID-19 restrictions in Europe and talk about hastened tapering from the U.S. Federal Reserve put investors on guard.
"There are question marks over the resilience of Europe and the European economy, exacerbated by protests and infection rates seen over the weekend," said Rodrigo Catril, a strategist at National Australia Bank in Sydney.
Safe-haven assets such as bonds, gold and the yen have also benefited from the recent cautious tone in financial markets. "The combination of COVID, growth and geopolitical concerns in the euro zone is supportive of safe-haven plays," said Rabobank's head of FX strategy Jane Foley. Fed Vice Chair Richard Clarida said last week that quickening the pace of tapering might be worth discussing at December's meeting. Fed minutes are due on Wednesday.
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