Asian stocks climbed on Monday, while oil prices showed volatility, as investors assessed the implications of the United States’ military intervention in Venezuela and prepared for a packed week of economic data.
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MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.2%, while S&P 500 e-mini futures edged up 0.1%. Among regional markets, Japan’s Nikkei 225 surged 2.8% to near a two-month high, while Seoul’s Kospi and Taiwan’s indices gained over 2% each. Chinese stocks were more muted, with the Hang Seng Index up 0.1%, dragged down by a 3.1% fall in Hong Kong-listed energy shares. Australian shares rose 0.1%.
Brent crude futures edged 0.2% higher to $60.87 as oil markets weighed the impact of the US operation and OPEC+’s decision to maintain output. Analysts noted that Venezuela’s oil production would require substantial capital and engineering support, suggesting potential upside for prices despite short-term uncertainty.
“The removal of Venezuelan President Nicolas Maduro by the US is unlikely to have meaningful near-term economic consequences, but political and geopolitical ramifications will reverberate,” said Neil Shearing, chief economist at Capital Economics.
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Safe-haven assets were supported amid market uncertainty, with gold up 1% at $4,371.29. The US dollar index rose 0.1% to 98.55, and the yield on the 10-year Treasury climbed slightly to 4.187%. Bitcoin gained 0.2% to $91,452.90, while ether remained largely flat at $3,141.29.
Investors are watching closely for further US foreign policy moves and geopolitical developments that could affect global markets and commodity prices.