Asian shares rose for a third straight day on Monday climbing to a two-week high as copper gained and the Australian dollar strengthened on news that Chinese manufacturing expanded in August at its fastest pace in more than a year.
The MSCI Asia Pacific Index added 0.9 percent at 12:50 p.m. in Tokyo. Japan’s Topix Index increased 1.1 percent and Standard & Poor’s 500 Index futures rose 0.7 percent. Copper climbed 2.2 percent and silver rallied 1.5 percent. The Aussie strengthened 0.7 percent versus the dollar. West Texas Intermediate crude oil sank 1.4 percent to $106.19 a barrel. Japan's benchmark Nikkei gained 0.9 percent while China's official purchasing managers' index (PMI) rose to the highest level since last April and topped market expectations.
Currencies
The yen has risen of late on heightened geopolitical tensions and as investors dumped emerging market currencies to position themselves for the U.S. Federal Reserve to begin reducing stimulus, perhaps from its meeting later this month.
On Monday, the yen slipped 0.4 percent to 98.48 yen to the dollar, pulling well away from last week's low of 96.81, and eased 0.2 percent to 129.995 to the euro.
The Australian dollar, which is seen as a proxy for Chinese growth because of the two countries' close trade ties, rose 0.6 percent to $0.8961.
Commodities
Commodities outperformed stocks and bonds last month. The S&P GSCI gauge of 24 raw materials rose 2.9 percent in August, while the MSCI All-Country World Index of equities declined 2.3 percent and the BofA Merrill Lynch Global Broad Market Index of debt fell 0.4 percent.
Oil and gold prices fell as investors unwound their positions after the U.S. delayed a military strike against the Syrian government, which is accused of using chemical weapons against civilians. Brent crude prices dropped 1 percent to below $113 a barrel, on track for a third-day of decline. They touched a six-month peak of $117.34 last week on concerns that a U.S. military intervention could lead to retaliation and disrupt crude supply in the Middle East region, which pumps a third of the world's oil.
Safe-haven gold shed 0.4 percent to around $1,390 an ounce, hitting a one-week low.