GLOBAL MARKETS-Stocks start defensively, focus on coronavirus treatment, Jackson Hole

* Asian stock markets : https://tmsnrt.rs/2zpUAr4
* Asian shares tad lower; South Korea stocks mildly positive
* Analysts cite high valuations, upcoming risk events
* Oil prices rise, gold falters

By Swati Pandey
SYDNEY, Aug 24 (Reuters) - Asian shares started cautiously
on Monday on jitters over heady valuations though sentiment was
underpinned by coronavirus hopes after the U.S. Food & Drug
Administration (FDA) authorised the use of blood plasma from
recovered patients as a treatment option.
The announcement from the U.S. FDA of a so-called “emergency
use authorization” came on the eve of the Republican National
Convention, where Donald Trump will be nominated to lead his
party for four more years. MSCI's broadest index of Asia-Pacific shares outside of
Japan .MIAPJ0000PUS was last down 0.04%, but not too far from
a six-month high touched last week.
Australian shares .AXJO were flat while Japan's Nikkei
.N225 was reversed early losses to be last up 0.07%.
South Korea's KOSPI .KS11 , which has been on a slippery
slope since hitting a more than two-year peak earlier this
month, was mildly positive.
E-Mini futures for the S&P500 ESc1 added 0.2%.
Analysts urged caution with Wall Street indexes already at
record highs even as the world economy struggled to recover from
the coronavirus pandemic.
"Outside of new all-time highs on tech-driven indices, most
markets and equity sectors are stalling given an array of
low-intensity concerns around global growth," said JPMorgan
cross asset analyst John Normand.
"With risks rising somewhat and September a full month for
policy, the end of summer is a good time to cross-check
valuations and to consider both threats and opportunities."
Normand pointed to talks of a U.S. fiscal package, Fed's
upcoming policy review next month and the ramping up of the U.S.
election campaign as risk events over coming weeks.
Looming large over this week was a keenly anticipated
address by Federal Reserve Chair Jerome Powell at the Kansas
City Fed Jackson Hole symposium, where he will talk on the Fed's
monetary policy framework review.
"This takes on even more significance after the market's
evident disappointment last week," said Ray Attrill, head of
forex strategy at Melbourne-based National Australia Bank.
The Fed's July meeting minutes last week barely made a
mention of its policy outlook while "failing to give succour to
expectations" that its September meeting would reveal a formal
commitment to new outcome-based' forward guidance, Attrill
added.
In currencies, the dollar nudged up on the safe haven
Japanese yen JPY= to 105.90.
The British pound GBP= nursed losses after falling 0.9% on
Friday on lack of progress in post-Brexit trade talks with the
European Union. It was last at $1.3089.
Also on Friday came news that Britain's public debt went
above 2 trillion pounds ($2.65 trillion) for the first time in
July as the government ramped up public spending to cope with
the coronavirus pandemic and tax revenues fell. The euro EUR= was defensive at $1.1792 after falling 0.5%
on Friday following disappointing manufacturing activity data.
That left the dollar index unchanged at 93.22.
In commodities, oil prices rose on Monday, with Brent crude
LCOc1 up 9 cents at $44.44 a barrel and U.S. crude CLc1
climbing 9 cents to $42.43.
Gold saw some selling pressure with spot prices XAU= off
0.3% at 1,933.09 an ounce.

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Asia stock markets https://tmsnrt.rs/2zpUAr4
Asia-Pacific valuations https://tmsnrt.rs/2Dr2BQA
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