European stocks were higher on Monday after a tumultuous trading week last week.
European stocks were higher on Monday after a tumultuous trading week last week. The pan-European Stoxx 600 gained 0.7% by mid-afternoon after an uncertain start, with construction and material stocks shedding 2% while banks added 2.5%. The cautiously positive trade for Europe on Monday came after a turbulent week of trading on the back of a flurry central bank action. Shares in Asia-Pacific were mixed on Monday, as investors monitored market reaction to the release of China’s latest benchmark lending rates. In South Korea, the Kospi led losses among the region’s major markets as it dropped 2.04% to close at 2,391.03, with shares of industry heavyweight Samsung Electronics declining and chipmaker SK Hynix both declining close to 2% each. The Shanghai Composite in mainland China closed mildly lower at 3,315.43 while the Shenzhen Component gained 1.265% to 12,487.13. Hong Kong’s Hang Seng index climbed 0.42%, closing at 21,163.91. The Nikkei 225 in Japan finished the trading day 0.74% lower at 25,771.22 while the Topix index fell 0.92% to 1,818.94. Oil prices edged down on Monday, reversing earlier gains, as concerns about slowing global economic growth and fuel demand offset worries about tightening supplies. Brent crude futures slipped 8 cents, or 0.1%, to $113.04 a barrel by 0242 GMT, after rising as much as 1% earlier. Front-month prices tumbled 7.3% last week, its first weekly fall in five. U.S. West Texas Intermediate crude was at $109.49 a barrel, down 7 cents, after rising more than $1 earlier. Front-month prices dropped 9.2% last week, the first decline in eight weeks. Gold extended losses on Monday as an elevated dollar weighed on bullion demand, with a U.S. market holiday expected to lead to thin trading during the day. Spot gold was down 0.2% at $1,836.67 per ounce, as of 0203 GMT. U.S. gold futures were flat at $1,840.00. The dollar index hovered near its highest level in about two decades, making greenback-priced bullion less attractive for overseas buyers. “It is a public holiday in the U.S. today, which means liquidity — and therefore volatility — is likely to be lower, thus making directional moves on gold difficult without a fresh catalyst,” City Index senior market analyst Matt Simpson said.