MARKETS / FINANCE

This is likely to be welcome news, even if only at the margins, for the European Central Bank, which has been raising rates aggressively to tame price pressures.

Both benchmarks closed Friday at their lowest since Sept. 27, extending losses for a second week, with Brent down 9% and WTI 10% lower.

The news threw a spanner in the works for investors who had grown hopeful of a gradual reopening after Beijing eased a number of virus-fighting measures earlier this month.

Domestic fuel bills rocketed again despite the UK government's energy price freeze as the market faced more fallout from key producer Russia's invasion of Ukraine.

The euro hobbled just above parity at $1.0016, some distance from its near-two-month high hit earlier in the week. Sterling last stood at $1.1360, after sliding 1.6% overnight.

European shares rose on Monday, reversing declines from the opening bell, as a jump in travel stocks helped outweigh a drag from China-exposed luxury giants.

Sterling edged up 0.1% to $1.1170, after sliding 2% overnight. It was headed for a weekly loss of nearly 4%, the largest since September's market turmoil triggered by an economic plan that alarmed investors.

Brent crude futures picked up 17 cents, or 0.1%, to $94.82 a barrel at 0014 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 26 cents, or 0.3%, to $88.63 a barrel.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.2% lower in early trade, as a drop in Chinese bluechips and Hong Kong shares offset an uptick in South Korea and Australia.

The South African Reserve Bank (SARB) has raised its main lending rate at its last six monetary policy meetings in a bid to get inflation under control. Its next decision is due on Nov. 24.

The index has fluctuated in a broad range around the 112 level since its retreat from a two-decade high of 114.78 at the end of September.

While Wall Street suffered a pullback from a recent rally, the mood in Asia remained optimistic while bargain-buying also provided some much-needed support to Hong Kong and Shanghai.

Brent crude for January delivery was down 4 cents at $92.77 a barrel at 0112 GMT. The December contract expired on Monday at $94.83 a barrel, down 1%.

Gains in Hong Kong, Australia and Korea pushed MSCI's index of Asia-Pacific shares outside Japan up 0.8%.

The greenback moved broadly higher in Asia trade, particularly against the Japanese yen, rising more than 0.5% and pushing above the 148 yen level.

The euro peaked at $1.00935 and sterling at $1.1645 in early Asia trade, both their highest since Sept. 13.

Australia's resources-heavy share index advanced 0.81%, while Japan's Nikkei opened 0.09% lower.

Currently, some banks charge far more for an IP transfer, up to 30 euros ($30) in some cases, compared with traditional transfers.

Hong Kong and Shanghai were among the best performers after China's central bank and forex officials pledged support for the country's equities, bonds and yuan, helping investors bounce back from Monday's rout.

The onshore yuan fell as much as 0.6 percent to 7.3084 per dollar, its weakest level since December 2007 and close to the lower limit of the trading band set by the central bank on Tuesday.

The yen fluctuated against the dollar as speculation swirled that Japanese authorities had stepped into forex markets again to support their currency for a second time in as many sessions.

Forex traders were also keeping tabs on the yen as it edges closer to 150 per dollar, with Japanese officials holding off a second intervention in as many months but saying they are ready to act when necessary.

They have thrived in markets whipped around by soaring inflation, high interest rates and the energy shock.

Offshore, risk appetite is already softening, with U.S. S&P 500 futures sliding 0.1% while the Nasdaq futures falling 0.2%.

Asian stocks followed Wall Street lower and bond yields remained depressed on Thursday as investors weighed the risks of global recession amid hawkish Federal Reserve rhetoric and uncertainty about the Bank of England's commitment to stabilising markets.