Stocks in Europe struggled for direction along with U.S. futures on Monday after signs Chinas economic recovery may be leveling out and as investors continue to weigh global inflation risks. The Stoxx Europe 600 index fluctuated in a narrow range, with gains for travel and leisure shares offsetting declines for utilities. Deutsche Bank AG dropped after the Federal Reserve warned that its compliance programs arent adequate. Contracts on the SP 500 inched higher, while those on the Nasdaq 100 swung between small gains and losses amid shortened trading hours due to the Memorial Day holiday in the U.S.
The dollar was steady against a basket of peers. Theres no Treasuries cash trading today, after the 10year yield closed just below 1.6 on Friday. Crude oil climbed as the market focused on an OPEC supply policy meeting early this week, while gold headed for the biggest monthly advance since July and most industrial metals gained.
U.S. markets will be closed for the Memorial Day holiday. U.K. markets will be closed for the Spring Bank holidayReserve Bank of Australia policy decision TuesdayOPEC meets to review oil production levels TuesdayPhiladelphia Fed President Patrick Harker, Chicago Fed President Charles Evans, Atlanta Fed President Raphael Bostic and Dallas Fed President Robert Kaplan speak WednesdayU.S. employment report for May on Friday
The Stoxx Europe 600 was little changed as of 1002 a.m. London timeFutures on the Nasdaq 100 were little changedFutures on…