Global Market Today: Asian shares mixed, dollar dips as Fed hike bets ease

Asian shares remained mixed on Monday as the dollar slipped and bets for a Federal Reserve interest rate hike next month diminished following weak US economic data. The Bloomberg gauge of the dollar's strength fell by 0.1%, hovering around levels not seen since May. Investors were concerned about the possibility of a rate hike, with swaps traders estimating a one-in-four chance of an increase next month, down from a 50% chance only a week ago.

US treasuries rose across the curve, with yields on shorter-term bonds falling. Meanwhile, oil prices fell, erasing earlier gains, as traders awaited the next catalyst to set direction amid geopolitical uncertainty. Brent crude traded around $88.55 a barrel, down from near $89 earlier. Asian stocks were relatively stable, with most markets closed for holidays.

Market focus shifted to potential efforts to reopen the Strait of Hormuz, which could impact oil prices after a recent 6% surge. Investors remained cautious due to geopolitical tension in the Middle East, though some volatility had eased. Meanwhile, China's economic data, including retail sales and industrial production, would be closely watched for clues on the country's economic health.