By Alun John

HONG KONG, (Reuters) – Asian shares were nervous ahead of Chinese third-quarter economic data. Investors are worried about China’s health despite strong quarterly earnings from the United States.

The oil prices reached new multi-year highs, continuing to rise amid an energy crisis. Brent was at its seven-year highest, while Brent was at its three-year peak.

Bitcoin was close to its record high of $62,500. It is not far away from April’s record $64,895. The gains were made last week in hopes that U.S. regulators would permit a futures-based ETF (exchange-traded fund).

MSCI’s Asia-Pacific share index was not affected by Monday’s trading. The MSCI Index of Asia-Pacific Shares outside Japan fell 0.12% while it lost 0.07%. U.S. stock markets, The, fell 0.13%.

Last week saw stocks worldwide finish in a bullish mood.

According to Reuters, the Chinese data dump could show that GDP (gross domestic product) grew at 5.2% from an earlier point – which is the lowest pace since the 3rd quarter 2020.

Barclays Analysts from LON stated in a note (LON) that GDP would slow due to “persistent weakness in consumption, services amid repeated COVID epidemics and the disappearance of the low-year-earlier base.”

As the drama over China Evergrande Group, the beleaguered property developer, continues, investors also pointed out power shortages, supply disruptions and growing jitters about the sector.

Yi Gang, China’s governor said Sunday that China’s economy is “doing very well” but faces challenges due to mismanagement.

Investors are still preparing for the U.S. Federal Reserve’s massive asset purchase taper this year.

On Monday, the yield on benchmark rose by 1.5904%, returning to the 4-month peak of 1.6310% on Tuesday. However, there was a slight dip later in the week.

CBA Analysts stated they anticipate that U.S. rates will increase as inflation pressure increases, which supports the U.S. dollar. “This further upside to our view”

According to them, the British pound could see a slight increase in dollar value this week due to “UK inflation and economic dynamics supporting the upward shift toward the UK interest rates”, while off-shore trades could be hurt by Chinese GDP statistics.

In the early hours of Monday trading, many currencies were still quiet. At 93.992 the greenback was unchanged against a basket of its peers. This is compared to its previous one-year high at 94.563, which occurred last Monday. Meanwhile the yen was hovering near its three-year lowest against the dollar.

U.S. crude last rose 0.92% to $83.04/barrel, and was at $85.35/barrel 0.57%.

The price of gold rose 0.14% to $1,769.60 an troy ounce on Friday, following a 1.5% drop on Friday, due in part to higher U.S. bonds yields and increased U.S. retail prices.