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Asian share markets opened the week on a cautious note, largely tracking weaker Wall Street futures, as extreme volatility in silver prices and a packed global economic calendar unsettled investors. The sharp moves in commodities, combined with upcoming corporate earnings, central bank meetings, and key economic data, set a nervous tone for global financial markets.
Silver prices plunged as much as 5% early Monday, extending Friday’s dramatic 30% sell-off that forced leveraged investors to unwind crowded positions. Market participants also cited the temporary halt in trading of the UBS SDIC silver futures fund in China as a catalyst for the rout. Precious metals volatility spilled over into gold, which fell 1.4% to around $4,807 an ounce after losing nearly 10% in the previous session.
Oil prices also declined sharply, with Brent crude sliding nearly 3% and U.S. crude dropping close to 2.8%. The pullback followed comments from U.S. President Donald Trump suggesting Iran was “seriously talking” with Washington, easing immediate fears of a U.S. military strike and reducing geopolitical risk premiums in energy markets.
Equity markets reflected the unease. MSCI’s Asia-Pacific index excluding Japan fell 0.7%, with South Korean stocks down 1%. Japan’s Nikkei bucked the trend, rising 0.7% as opinion polls pointed to a likely landslide victory for Prime Minister Sanae Takaichi’s Liberal Democratic Party. Investors anticipate aggressive fiscal stimulus and a weaker yen under her leadership, potentially supporting Japanese exporters.
In Europe, futures for the Euro STOXX 50 and DAX edged lower ahead of a heavy earnings week covering nearly 30% of regional market capitalization. U.S. futures also softened, with investors closely watching results from major technology firms such as Alphabet, Amazon, and AMD, particularly regarding AI spending and profitability.
Currency markets were relatively steady, with the dollar holding near $1.1847 per euro, while the yen weakened to around 155 per dollar. Attention now turns to central bank decisions from the Federal Reserve, European Central Bank, Bank of England, and Reserve Bank of Australia, alongside the upcoming U.S. payrolls report, which could reshape expectations for interest rate cuts later this year.
