US stock futures slide back to Friday’s close
UUS financial markets were closed on Monday in observance of the Martin Luther King Jr. holiday. US stock futures slipped Monday as investors preferred safe-haven assets such as gold and the Japanese yen. The dollar inched higher: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed 0.38% higher at 101.625. Dow Jones Industrial Average futures fell 0.16% to 19853.10. S&P 500 futures opened higher and ended up 0.06% at 2271.16. Today they are down to pre-holiday levels before the regular trading resumes .
Bank auto shares pull European markets down
European markets fell on Monday dragged by banking and automaker stocks. Both the euro and the British Pound weakened against the dollar with the Pound losing more than 1% in anticipation of the speech by UK Prime Minister Theresa May scheduled today, in which she is expected to unveil her country’s plans for negotiating an exit from the European Union. The Stoxx Europe 600 index fell 0.8%. The DAX 30 lost 0.6% to close at 11554.71 weighed by auto makers after US President-elect Donald Trump repeated he will introduce a 35% import tax on cars built in Mexico that will be exported to the US. France’s CAC 40 dropped 0.8% and UK’s FTSE 100 ended 0.2% lower at 7327.13, breaking a 14-day winning streak.
Asian markets mixed ahead of May’s Brexit speech
Asian stocks are mixed today. Nikkei lost 1.5% to 18813.53 today, near six-week low as yen strengthened against the dollar amid heightened uncertainty about euro-zone’s economic outlook ahead of UK’s Prime Minister’s speech on country’s priorities in Brexit negotiations. Honda Motor shares fell 2.7% after it said the passenger-side air bag of one of its Fit compact vehicles ruptured last month in Japan. Chinese stocks are rising with the Shanghai Composite Index 0.2% higher and Hong Kong’s Hang Seng index up 0.5%. Australia’s All Ordinaries Index is down 0.8% as Australian dollar rebounded towards a one-month high against the dollar.
Oil prices steady
Oil future prices are steady supported by Saudi Arabia’s confirmation it would strictly adhere to a commitment to cut output. At the same time traders are concerned oil market rebalancing may slow as output oversupply continues with US output rising as price climbs higher and global demand declines with higher prices.