UPDATE 1-Asia Morning Call-Global Markets

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** indicates closing price

All prices as of 20:42 GMT

EQUITIES

GLOBAL - Global equities and the U.S. dollar advanced on Monday despite weaker-than-expected economic data in China that prompted the country's central bank to cut its lending rate, stoking concerns of a global recession.

After earlier session losses, markets were trading slightly higher. The MSCI world equity index EURONEXT:IACWI, which tracks shares in 50 countries, was up 0.05%. Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) closed 0.34% lower.

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NEW YORK - U.S. stocks ended higher on Monday, adding to recent strong gains, with megacap growth shares rising as U.S. Treasury yields eased.

According to preliminary data, the S&P 500 SPX gained 15.94 points, or 0.37%, to end at 4,296.09 points, while the Nasdaq Composite IXIC gained 76.71 points, or 0.59%, to 13,123.89. The Dow Jones Industrial Average DJI rose 142.52 points, or 0.42%, to 33,903.57.

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LONDON - European shares hovered near two-month highs on Monday as signs of a slowing Chinese economy prompted investors to turn to defensive sectors such as healthcare and consumer staples typically seen as immune to business cycles.

The pan-European STOXX 600 SXXP rose 0.3%. The benchmark index was trading close to levels needed to recoup all of its June losses when fears about aggressive U.S. interest rate hikes and recession dominated the sentiment.

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TOKYO - Japan's Nikkei share average jumped on Monday to its highest in more than seven months, supported by Wall Street's gains at the end of last week, and as upbeat corporate earnings lifted risk appetite and prompted investors to scoop up beaten-down stocks.

The Nikkei NI225 rose 1.14% to 28,871.78, extending gains to a second session, while the broader Topix TOPIX advanced 0.6% to 1,984.96.

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SHANGHAI - China stocks slipped on growth concerns on Monday after data showed economic activities and credit expansion slowed sharply in July even as the central bank unexpectedly cut key rates to support the COVID-19 hit economy.

The CSI300 index 3399300 closed down 0.1% while the Shanghai Composite Index 000001 ended almost flat.

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AUSTRALIA - Australian shares are set to open slightly higher on Tuesday on positive cues from its U.S. peers, but sentiments will likely remain subdued after dismal economic data from China, ahead of the release of Reserve Bank of Australia's policy meeting minutes.

The local share price index futures (YAPcm1) rose 0.4%, a 63.3-point discount to the underlying S&P/ASX 200 index XJO close.

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SEOUL - South Korean financial markets are closed on Monday, Aug. 15, for a public holiday. Markets will resume trade at normal hours on Tuesday, Aug. 16.

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FOREIGN EXCHANGE

NEW YORK - The safe-haven U.S. dollar bounced on Monday while commodity-sensitive currencies including the Australian dollar tumbled after a new batch of disappointing Chinese data bolstered global recession worries.

The U.S. dollar index DXY gained 0.79% to 106.52. The euro EURUSD eased 0.97% against the dollar to $1.0157.

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CHINA - China's yuan weakened to a one-week low against the dollar on Monday, after the central bank unexpectedly cut key interest rates in the wake of a slew of downbeat data that pointed to persistent economic weakness.

Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate USDCNY at 6.7410 per dollar, 3 pips firmer than the previous fix 6.7413.

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AUSTRALIA - The Australian dollars shed some recent gains on Monday after Chinese economic data badly missed forecasts, undermining commodity prices and risk sentiment globally.

The Aussie dipped 0.3% to $0.7098 AUDUSD, and away from last week's two-month high of $0.7136. Chart support lies around $0.7060.

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SEOUL - South Korean financial markets are closed on Monday, Aug. 15, for a public holiday. Markets will resume trade at normal hours on Tuesday, Aug. 16.

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TREASURIES

NEW YORK - U.S. Treasury yields fell slightly on Monday as weak economic data from China renewed concerns over the health of the global economy, while the market continued to assess how much an inflation slowdown could affect U.S. Federal Reserve monetary tightening policies.

Benchmark 10-year Treasury yields US10Y were down at 2.791% on Monday from a 2.849% close last week. Two-year note yields (US2YT=RR) fell to 3.2% from 3.257%.

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LONDON - Euro zone government bond yields fell on Monday with investors concerned about a possible recession after weak data from China and amid persistent fears of production cuts in Germany due to potential gas rationing.

Germany's 10-year government bond yield, the benchmark of the bloc, fell as much as 11 basis points (bps) to 089%.Last Friday it hit its highest since July 25 at 1.025%. (DE10YT=RR)

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TOKYO - Japanese government bond (JGB) yields were little changed on Monday, amid a lack of market-moving cues, while investors were also cautious ahead of an auction of five-year notes.

The five-year yield (JP5YTN=JBTC) was flat at minus 0.010% and the two-year JGB yield (JP2YTN=JBTC) was flat at -0.090%.

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COMMODITIES

GOLD

Gold fell over 1% to its lowest in a week on Monday amid sharp declines across precious metals due to a stronger dollar, with concerns over further rate hikes by the U.S. Federal Reserve adding to pressure on bullion.

Spot gold GOLD slid 1.2% to $1,780.99 per ounce by 1:44 p.m. ET (1744 GMT) having hit its lowest since Aug. 8 earlier in the session. U.S. gold futures GOLD settled nearly 1% lower at $1,798.10.

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IRON ORE

Dalian and Singapore iron ore futures fell on Monday amid a flurry of disappointing economic indicators and heatwaves in China, while a surprise interest rate cut by the country's central bank tempered traders' pessimism.

The most-traded iron ore contract, for delivery in January next year, on China's Dalian Commodity Exchange TIO1! ended daytime trade 2.9% lower at 707.50 yuan ($104.64) a tonne.

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BASE METALS

Industrial metal prices fell on Monday as concerns about demand in China surfaced due to weak economic data and a firmer dollar, but interest rate cuts by the country's central bank provided some support.

Benchmark copper HG1! on the London Metal Exchange was down 1% at $8,010 a tonne at 1607 GMT, down from the six-week high of $8,214 hit on Friday.

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OIL

Oil prices settled lower on Monday after disappointing Chinese economic data renewed concerns of a global recession that would be expected to reduce fuel demand.

Brent crude futures BRN1! settled down $3.05, or 3.1%, to $95.10 a barrel after dropping 1.5% on Friday.

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PALM OIL

Malaysian palm oil futures had their worst day in a month on Monday after conflicting data on August exports so far, with weaker crude and soyoil also denting sentiment.

The benchmark palm oil contract FCPO1! for October delivery on the Bursa Malaysia Derivatives Exchange slid 294 ringgit, or 6.67%, to 4,113 ringgit ($922.82) a tonne.

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RUBBER

Japanese rubber futures slid for a third consecutive session on Monday after hitting an eight-month low earlier, tracking losses in Shanghai on concerns over weak demand in top consumer China following disappointing economic data.

Osaka Exchange's rubber contract for January delivery TRB1!, TRB1! finished 1.1 yen, or 0.5%, lower at 227.6 yen ($1.71) per kg.

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