Asian Shares Steady as Investors Await Iran Sanctions and Nvidia Results

Asian share markets opened the week on a cautious note, with the Nikkei hovering near flat and other regional indices slightly lower. Investors held back ahead of key events: U.S. sanctions on Iran, Nvidia's earnings, and a speech by Federal Reserve Chairman Kevin Warsh.

Oil prices slipped as Treasury Secretary Scott Bessent prepared to outline sanctions on Iran later in the day. Brent crude fell 1% to $93.43 a barrel, while U.S. crude eased 1.1% to $86.14. The market had rallied last week on supply concerns.

In currency markets, the Canadian dollar weakened slightly after Prime Minister Mark Carney said Canada would retaliate against U.S. tariffs with its own levies on steel, dairy, appliances, and other goods. The dollar rose 0.1% against the loonie to 1.3784.

The tech sector is bracing for Nvidia's quarterly results on Wednesday. Analysts expect revenue to nearly double to around $92 billion, with full-year guidance between $103 billion and $105 billion. The stakes are high, as any disappointment could hit global tech valuations.

Fed Chair Warsh is scheduled to speak at Jackson Hole on Friday. Markets are pricing a 40% chance of a rate hike in September and fully expect a move by December. However, JPMorgan's chief economist Bruce Kasman noted that past chairs have avoided front-running decisions, and Warsh may instead focus on his "regime change" agenda, possibly discussing balance sheet reduction.

U.S. inflation data due this week could shift rate expectations. Core inflation is forecast to hold at 3.3% in July. Meanwhile, Treasury Secretary Bessent's bond buyback plan has had limited impact, with 30-year yields near 5.28%, close to a 19-year high.

The dollar was broadly softer after losing 0.8% last week, with the euro at $1.1675 and the yen at 159.00. Gold firmed 0.4% to $4,623 an ounce, on track for its biggest monthly gain on record as investors seek safe havens amid debt and policy uncertainties.