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Observer
3 hours ago
- Business
- Observer
European stocks drift as traders eye Ukraine talks, Jackson Hole
LONDON: European shares wobbled on Monday ahead of what is likely to be an eventful week for US interest rate policy, as investor attention turned to Washington where Ukraine's Volodymyr Zelenskiy and European leaders will meet Donald Trump. The pan-European STOXX 600 index was down about 0.2% after hitting its highest level since March on Friday, while the MSCI All Country World Index hovered close to the record high touched last week. Earlier in the Asian session, indices in Japan and Taiwan notched record peaks, while a gauge of Chinese stocks reached its highest level in a decade. Investors were bracing for US President Trump's meeting with Ukrainian President Zelenskiy and European leaders later on Monday to discuss the next steps to end the war in Ukraine, after Trump's summit with Russian President Vladimir Putin in Alaska on Friday. While the summit did not result in an agreement, Trump appeared more aligned with Moscow on seeking a full peace deal with Ukraine instead of a ceasefire first. Skovgaard added that whether or not a deal is reached, focus was already turning to the Kansas City Federal Reserve's August 21-23 Jackson Hole symposium, where Chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework. Markets imply around an 85% chance of a quarter-point rate cut at the Fed's meeting on September 17, and are priced for a further cut by December. In Europe, Germany's DAX eased 0.3%, while Britain's FTSE was down 0.1%. S&P 500 and Nasdaq futures eased 0.1%, though both were near all-time highs. Valuations have been underpinned by a solid earnings season, as S&P 500 EPS grew 11% on the year and 58% of companies raised their full-year guidance. In bond markets, the chance of Fed easing is keeping short-term Treasury yields low, while the longer end is pressured by the risk of stagflation and large budget deficits. Wagers on more Fed easing have weighed on the dollar, which dropped 0.4% against a basket of currencies last week. The dollar was up 0.2% on the yen at 147.42, while the euro slipped to $1.1682. Gold bounced 0.4% to $3,349 an ounce. Brent was up 0.4% at $66.08 a barrel, while US crude rose 0.5% to $63.11 per barrel.— Reuters
The Advertiser
5 hours ago
- Business
- The Advertiser
European stocks drift as traders eye Ukraine talks
European shares wobbled ahead of what is likely to be an eventful week for US interest rate policy, as investor attention turns to Washington where Ukraine's Volodymyr Zelenskiy and European leaders are meeting Donald Trump. The pan-European STOXX 600 index was down about 0.2 per cent after hitting its highest level since March on Friday, while the MSCI All Country World Index hovered close to the record high touched last week. Earlier in the Asian session, indices in Japan and Taiwan notched record peaks, while a gauge of Chinese stocks reached its highest level in a decade. Investors were bracing for US President Trump's meeting with Ukrainian President Zelenskiy and European leaders later on Monday US time to discuss the next steps to end the war in Ukraine, after Trump's summit with Russian President Vladimir Putin in Alaska on Friday. While the summit did not result in an agreement, Trump afterwards appeared more aligned with Moscow on seeking a full peace deal with Ukraine instead of a ceasefire first. "It will be a bit of a muted start to the week," said Lars Skovgaard, senior investment strategist at Danske Bank, after the Russia-US talks on Friday. Skovgaard added that whether or not a deal is reached, focus was already turning to the Kansas City Federal Reserve's August 21-23 Jackson Hole symposium, where chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework. Markets imply around an 85 per cent chance of a quarter-point rate cut at the Fed's meeting on September 17, and are priced for a further cut by December. The prospect of lower borrowing costs globally has underpinned stock markets, and Japan's Nikkei climbed to a fresh record high on Monday. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1 per cent, having scaled a four-year peak last week. In Europe, Germany's DAX eased 0.3 per cent. Britain's FTSE was down 0.1 per cent. S&P 500 and Nasdaq futures eased 0.1 per cent, though both were near all-time highs. Valuations have been underpinned by a solid earnings season as the S&P 500 EPS grew 11 per cent on the year and 58 per cent of companies raised their full-year guidance. "Earnings results have continued to be exceptional for the mega-cap tech companies," said analysts at Goldman Sachs. "While Nvidia has yet to report, the Magnificent 7 apparently grew EPS by 26 per cent year/year in 2Q, a 12 per cent beat relative to consensus expectation coming into earnings season." This week's results will provide some colour on the health of consumer spending with Home Depot, Target, Lowe's and Walmart all reporting. In bond markets, the chance of Fed easing is keeping down short-term Treasury yields while the longer end is pressured by the risk of stagflation and giant budget deficits, leading to the steepest yield curve since 2021. European bonds also have been pressured by the prospect of increased borrowing to fund higher defence spending, pushing German and French long-term yields to their highest since 2011. Wagers on more Fed easing have weighed on the dollar, which dropped 0.4 per cent against a basket of currencies last week to last stand at 97.858. The dollar was up 0.2 per cent on the yen at 147.42, while the euro slipped to $1.1682 after adding 0.5 per cent last week. In commodity markets, gold bounced 0.4 per cent to $3,349 an ounce after losing 1.9 per cent last week. Oil prices edged higher as White House trade adviser Peter Navarro said India's purchases of Russian crude were funding Russia's war in Ukraine and had to stop, even as Trump backed away from threats to place more restrictions on Russian oil exports. Brent was up 0.4 per cent at $66.08 a barrel, while US crude rose 0.5 per cent to $63.11 per barrel. European shares wobbled ahead of what is likely to be an eventful week for US interest rate policy, as investor attention turns to Washington where Ukraine's Volodymyr Zelenskiy and European leaders are meeting Donald Trump. The pan-European STOXX 600 index was down about 0.2 per cent after hitting its highest level since March on Friday, while the MSCI All Country World Index hovered close to the record high touched last week. Earlier in the Asian session, indices in Japan and Taiwan notched record peaks, while a gauge of Chinese stocks reached its highest level in a decade. Investors were bracing for US President Trump's meeting with Ukrainian President Zelenskiy and European leaders later on Monday US time to discuss the next steps to end the war in Ukraine, after Trump's summit with Russian President Vladimir Putin in Alaska on Friday. While the summit did not result in an agreement, Trump afterwards appeared more aligned with Moscow on seeking a full peace deal with Ukraine instead of a ceasefire first. "It will be a bit of a muted start to the week," said Lars Skovgaard, senior investment strategist at Danske Bank, after the Russia-US talks on Friday. Skovgaard added that whether or not a deal is reached, focus was already turning to the Kansas City Federal Reserve's August 21-23 Jackson Hole symposium, where chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework. Markets imply around an 85 per cent chance of a quarter-point rate cut at the Fed's meeting on September 17, and are priced for a further cut by December. The prospect of lower borrowing costs globally has underpinned stock markets, and Japan's Nikkei climbed to a fresh record high on Monday. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1 per cent, having scaled a four-year peak last week. In Europe, Germany's DAX eased 0.3 per cent. Britain's FTSE was down 0.1 per cent. S&P 500 and Nasdaq futures eased 0.1 per cent, though both were near all-time highs. Valuations have been underpinned by a solid earnings season as the S&P 500 EPS grew 11 per cent on the year and 58 per cent of companies raised their full-year guidance. "Earnings results have continued to be exceptional for the mega-cap tech companies," said analysts at Goldman Sachs. "While Nvidia has yet to report, the Magnificent 7 apparently grew EPS by 26 per cent year/year in 2Q, a 12 per cent beat relative to consensus expectation coming into earnings season." This week's results will provide some colour on the health of consumer spending with Home Depot, Target, Lowe's and Walmart all reporting. In bond markets, the chance of Fed easing is keeping down short-term Treasury yields while the longer end is pressured by the risk of stagflation and giant budget deficits, leading to the steepest yield curve since 2021. European bonds also have been pressured by the prospect of increased borrowing to fund higher defence spending, pushing German and French long-term yields to their highest since 2011. Wagers on more Fed easing have weighed on the dollar, which dropped 0.4 per cent against a basket of currencies last week to last stand at 97.858. The dollar was up 0.2 per cent on the yen at 147.42, while the euro slipped to $1.1682 after adding 0.5 per cent last week. In commodity markets, gold bounced 0.4 per cent to $3,349 an ounce after losing 1.9 per cent last week. Oil prices edged higher as White House trade adviser Peter Navarro said India's purchases of Russian crude were funding Russia's war in Ukraine and had to stop, even as Trump backed away from threats to place more restrictions on Russian oil exports. Brent was up 0.4 per cent at $66.08 a barrel, while US crude rose 0.5 per cent to $63.11 per barrel. European shares wobbled ahead of what is likely to be an eventful week for US interest rate policy, as investor attention turns to Washington where Ukraine's Volodymyr Zelenskiy and European leaders are meeting Donald Trump. The pan-European STOXX 600 index was down about 0.2 per cent after hitting its highest level since March on Friday, while the MSCI All Country World Index hovered close to the record high touched last week. Earlier in the Asian session, indices in Japan and Taiwan notched record peaks, while a gauge of Chinese stocks reached its highest level in a decade. Investors were bracing for US President Trump's meeting with Ukrainian President Zelenskiy and European leaders later on Monday US time to discuss the next steps to end the war in Ukraine, after Trump's summit with Russian President Vladimir Putin in Alaska on Friday. While the summit did not result in an agreement, Trump afterwards appeared more aligned with Moscow on seeking a full peace deal with Ukraine instead of a ceasefire first. "It will be a bit of a muted start to the week," said Lars Skovgaard, senior investment strategist at Danske Bank, after the Russia-US talks on Friday. Skovgaard added that whether or not a deal is reached, focus was already turning to the Kansas City Federal Reserve's August 21-23 Jackson Hole symposium, where chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework. Markets imply around an 85 per cent chance of a quarter-point rate cut at the Fed's meeting on September 17, and are priced for a further cut by December. The prospect of lower borrowing costs globally has underpinned stock markets, and Japan's Nikkei climbed to a fresh record high on Monday. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1 per cent, having scaled a four-year peak last week. In Europe, Germany's DAX eased 0.3 per cent. Britain's FTSE was down 0.1 per cent. S&P 500 and Nasdaq futures eased 0.1 per cent, though both were near all-time highs. Valuations have been underpinned by a solid earnings season as the S&P 500 EPS grew 11 per cent on the year and 58 per cent of companies raised their full-year guidance. "Earnings results have continued to be exceptional for the mega-cap tech companies," said analysts at Goldman Sachs. "While Nvidia has yet to report, the Magnificent 7 apparently grew EPS by 26 per cent year/year in 2Q, a 12 per cent beat relative to consensus expectation coming into earnings season." This week's results will provide some colour on the health of consumer spending with Home Depot, Target, Lowe's and Walmart all reporting. In bond markets, the chance of Fed easing is keeping down short-term Treasury yields while the longer end is pressured by the risk of stagflation and giant budget deficits, leading to the steepest yield curve since 2021. European bonds also have been pressured by the prospect of increased borrowing to fund higher defence spending, pushing German and French long-term yields to their highest since 2011. Wagers on more Fed easing have weighed on the dollar, which dropped 0.4 per cent against a basket of currencies last week to last stand at 97.858. The dollar was up 0.2 per cent on the yen at 147.42, while the euro slipped to $1.1682 after adding 0.5 per cent last week. In commodity markets, gold bounced 0.4 per cent to $3,349 an ounce after losing 1.9 per cent last week. Oil prices edged higher as White House trade adviser Peter Navarro said India's purchases of Russian crude were funding Russia's war in Ukraine and had to stop, even as Trump backed away from threats to place more restrictions on Russian oil exports. Brent was up 0.4 per cent at $66.08 a barrel, while US crude rose 0.5 per cent to $63.11 per barrel. European shares wobbled ahead of what is likely to be an eventful week for US interest rate policy, as investor attention turns to Washington where Ukraine's Volodymyr Zelenskiy and European leaders are meeting Donald Trump. The pan-European STOXX 600 index was down about 0.2 per cent after hitting its highest level since March on Friday, while the MSCI All Country World Index hovered close to the record high touched last week. Earlier in the Asian session, indices in Japan and Taiwan notched record peaks, while a gauge of Chinese stocks reached its highest level in a decade. Investors were bracing for US President Trump's meeting with Ukrainian President Zelenskiy and European leaders later on Monday US time to discuss the next steps to end the war in Ukraine, after Trump's summit with Russian President Vladimir Putin in Alaska on Friday. While the summit did not result in an agreement, Trump afterwards appeared more aligned with Moscow on seeking a full peace deal with Ukraine instead of a ceasefire first. "It will be a bit of a muted start to the week," said Lars Skovgaard, senior investment strategist at Danske Bank, after the Russia-US talks on Friday. Skovgaard added that whether or not a deal is reached, focus was already turning to the Kansas City Federal Reserve's August 21-23 Jackson Hole symposium, where chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework. Markets imply around an 85 per cent chance of a quarter-point rate cut at the Fed's meeting on September 17, and are priced for a further cut by December. The prospect of lower borrowing costs globally has underpinned stock markets, and Japan's Nikkei climbed to a fresh record high on Monday. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1 per cent, having scaled a four-year peak last week. In Europe, Germany's DAX eased 0.3 per cent. Britain's FTSE was down 0.1 per cent. S&P 500 and Nasdaq futures eased 0.1 per cent, though both were near all-time highs. Valuations have been underpinned by a solid earnings season as the S&P 500 EPS grew 11 per cent on the year and 58 per cent of companies raised their full-year guidance. "Earnings results have continued to be exceptional for the mega-cap tech companies," said analysts at Goldman Sachs. "While Nvidia has yet to report, the Magnificent 7 apparently grew EPS by 26 per cent year/year in 2Q, a 12 per cent beat relative to consensus expectation coming into earnings season." This week's results will provide some colour on the health of consumer spending with Home Depot, Target, Lowe's and Walmart all reporting. In bond markets, the chance of Fed easing is keeping down short-term Treasury yields while the longer end is pressured by the risk of stagflation and giant budget deficits, leading to the steepest yield curve since 2021. European bonds also have been pressured by the prospect of increased borrowing to fund higher defence spending, pushing German and French long-term yields to their highest since 2011. Wagers on more Fed easing have weighed on the dollar, which dropped 0.4 per cent against a basket of currencies last week to last stand at 97.858. The dollar was up 0.2 per cent on the yen at 147.42, while the euro slipped to $1.1682 after adding 0.5 per cent last week. In commodity markets, gold bounced 0.4 per cent to $3,349 an ounce after losing 1.9 per cent last week. Oil prices edged higher as White House trade adviser Peter Navarro said India's purchases of Russian crude were funding Russia's war in Ukraine and had to stop, even as Trump backed away from threats to place more restrictions on Russian oil exports. Brent was up 0.4 per cent at $66.08 a barrel, while US crude rose 0.5 per cent to $63.11 per barrel.
Reuters
15 hours ago
- Business
- Reuters
Shares scale fresh peaks in Asia, oil eyes Ukraine talks
SYDNEY, Aug 18 (Reuters) - Share markets pushed ahead in Asia on Monday ahead of what is likely to be an eventful week for U.S. interest rate policy, while oil prices were subdued as risks to Russian supplies seemed to fade a little. A cautiously risk-on mood saw indices in Japan and Taiwan make record peaks, while Chinese blue chips reached their highest in 10 months. U.S. President Donald Trump now seemed more aligned with Moscow on seeking a peace deal with Ukraine instead of a ceasefire first, after meeting Russian President Vladimir Putin in Alaska on Friday. Trump will meet Ukrainian President Volodymyr Zelenskiy and European leaders later on Monday to discuss the next steps, though actual proposals are vague as yet. The major economic event of the week will be the Kansas City Federal Reserve's August 21-23 Jackson Hole symposium, where Chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework. "Chair Powell will likely signal that risks to the employment and inflation mandates are coming into balance, setting up the Fed to resume returning policy rate to neutral," said Andrew Hollenhorst, chief economist at Citi Research. "But Powell will stop short of explicitly signalling a September rate cut, awaiting the August jobs and inflation reports," he added. "This would be fairly neutral for markets already fully pricing a September cut." Markets imply around an 85% chance of a quarter-point rate cut at the Fed's meeting on September 17, and are priced for a further easing by December. The prospect of lower borrowing costs globally has underpinned stock markets and Japan's Nikkei (.N225), opens new tab climbed 0.9% to a fresh record high. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab added 0.5%, having hit a four-year top last week. Chinese blue chips (.CSI300), opens new tab jumped 1.3%, bringing gains so far this quarter to over 8%. EUROSTOXX 50 futures and DAX futures firmed 0.2%, while FTSE futures gained 0.3%. S&P 500 futures nudged up 0.1% while Nasdaq futures added 0.2%, with both near all-time highs. Valuations have been underpinned by a solid earnings season as S&P 500 EPS grew 11% on the year and 58% of companies raised their full-year guidance. "Earnings results have continued to be exceptional for the mega-cap tech companies," noted analysts at Goldman Sachs. "While Nvidia has yet to report, the Magnificent 7 apparently grew EPS by 26% year/year in 2Q, a 12% beat relative to consensus expectation coming into earnings season." This week's results will provide some colour on the health of consumer spending with Home Depot, Target, Lowe's and Walmart all reporting. In bond markets, the chance of Fed easing is keeping down short-term Treasury yields while the longer end is pressured by the risk of stagflation and giant budget deficits, leading to the steepest yield curve since 2021. European bonds also have been pressured by the prospect of increased borrowing to fund defence spending, pushing German long-term yields to 14-year highs. Wagers on more Fed easing have weighed on the dollar, which dropped 0.4% against a basket of currencies last week to last stand at 97.851 . The dollar was a fraction firmer on the yen at 147.41 , while the euro held at $1.1704 after adding 0.5% last week. The dollar has fared better against its New Zealand counterpart as the country's central bank is widely expected to cut rates to 3.0% on Wednesday. In commodity markets, gold bounced 0.5% to $3,343 an ounce after losing 1.9% last week. Oil prices struggled as Trump backed away from threats to place more restrictions on Russian oil exports. Brent dropped 0.1% to $65.78 a barrel, while U.S. crude steadied at $62.73 per barrel.
CNA
16 hours ago
- Business
- CNA
Shares scale fresh peaks in Asia, oil eyes Ukraine talks
SYDNEY :Share markets pushed ahead in Asia on Monday ahead of what is likely to be an eventful week for U.S. interest rate policy, while oil prices were subdued as risks to Russian supplies seemed to fade a little. A cautiously risk-on mood saw indices in Japan and Taiwan make record peaks, while Chinese blue chips reached their highest in 10 months. U.S. President Donald Trump now seemed more aligned with Moscow on seeking a peace deal with Ukraine instead of a ceasefire first, after meeting Russian President Vladimir Putin in Alaska on Friday. Trump will meet Ukrainian President Volodymyr Zelenskiy and European leaders later on Monday to discuss the next steps, though actual proposals are vague as yet. The major economic event of the week will be the Kansas City Federal Reserve's August 21-23 Jackson Hole symposium, where Chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework. "Chair Powell will likely signal that risks to the employment and inflation mandates are coming into balance, setting up the Fed to resume returning policy rate to neutral," said Andrew Hollenhorst, chief economist at Citi Research. "But Powell will stop short of explicitly signalling a September rate cut, awaiting the August jobs and inflation reports," he added. "This would be fairly neutral for markets already fully pricing a September cut." Markets imply around an 85 per cent chance of a quarter-point rate cut at the Fed's meeting on September 17, and are priced for a further easing by December. The prospect of lower borrowing costs globally has underpinned stock markets and Japan's Nikkei climbed 0.9 per cent to a fresh record high. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5 per cent, having hit a four-year top last week. Chinese blue chips jumped 1.3 per cent, bringing gains so far this quarter to over 8 per cent. EUROSTOXX 50 futures and DAX futures firmed 0.2 per cent, while FTSE futures gained 0.3 per cent. SOLID EARNINGS S&P 500 futures nudged up 0.1 per cent while Nasdaq futures added 0.2 per cent, with both near all-time highs. Valuations have been underpinned by a solid earnings season as S&P 500 EPS grew 11 per cent on the year and 58 per cent of companies raised their full-year guidance. "Earnings results have continued to be exceptional for the mega-cap tech companies," noted analysts at Goldman Sachs. "While Nvidia has yet to report, the Magnificent 7 apparently grew EPS by 26 per cent year/year in 2Q, a 12 per cent beat relative to consensus expectation coming into earnings season." This week's results will provide some colour on the health of consumer spending with Home Depot, Target, Lowe's and Walmart all reporting. In bond markets, the chance of Fed easing is keeping down short-term Treasury yields while the longer end is pressured by the risk of stagflation and giant budget deficits, leading to the steepest yield curve since 2021. European bonds also have been pressured by the prospect of increased borrowing to fund defence spending, pushing German long-term yields to 14-year highs. Wagers on more Fed easing have weighed on the dollar, which dropped 0.4 per cent against a basket of currencies last week to last stand at 97.851. The dollar was a fraction firmer on the yen at 147.41, while the euro held at $1.1704 after adding 0.5 per cent last week. The dollar has fared better against its New Zealand counterpart as the country's central bank is widely expected to cut rates to 3.0 per cent on Wednesday. In commodity markets, gold bounced 0.5 per cent to $3,343 an ounce after losing 1.9 per cent last week. Oil prices struggled as Trump backed away from threats to place more restrictions on Russian oil exports.
Yahoo
17 hours ago
- Business
- Yahoo
Shares scale fresh tops in Asia, oil slips on truce talks
By Wayne Cole SYDNEY (Reuters) -Share markets edged higher in Asia on Monday ahead of what is likely to be an eventful week for U.S. interest rate policy, while oil prices slipped as risks to Russian supplies seemed to fade a little. A general risk-on mood saw indices in Japan and Taiwan make record peaks, while Chinese blue chips reached their highest in 10 months. U.S. President Donald Trump now seemed more aligned with Moscow on seeking a peace deal with Ukraine instead of a ceasefire first, after meeting Russian President Vladimir Putin in Alaska on Friday. Trump will meet Ukrainian President Volodymyr Zelenskiy and European leaders later on Monday to discuss the next steps, though actual proposals are vague as yet. The major economic event of the week will be the Kansas City Federal Reserve's August 21-23 Jackson Hole symposium, where Chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework. "Chair Powell will likely signal that risks to the employment and inflation mandates are coming into balance, setting up the Fed to resume returning policy rate to neutral," said Andrew Hollenhorst, chief economist at Citi Research. "But Powell will stop short of explicitly signalling a September rate cut, awaiting the August jobs and inflation reports," he added. "This would be fairly neutral for markets already fully pricing a September cut." Markets imply around an 85% chance of a quarter-point rate cut at the Fed's meeting on September 17, and are priced for a further easing by December. The prospect of lower borrowing costs globally has underpinned stock markets and Japan's Nikkei firmed 0.9% to a fresh record high. MSCI's broadest index of Asia-Pacific shares outside Japan was a fraction lower, having hit a four-year top last week. Chinese blue chips added 1.0%, bringing gains so far this quarter to almost 8%. EUROSTOXX 50 futures and FTSE futures rose 0.2%, while DAX futures firmed 0.1%. SOLID EARNINGS S&P 500 futures nudged up 0.2%, while Nasdaq futures added 0.3% with both near all-time highs. Valuations have been underpinned by a solid earnings season as S&P 500 EPS grew 11% on the year and 58% of companies raised their full-year guidance. "Earnings results have continued to be exceptional for the mega-cap tech companies," noted analysts at Goldman Sachs. "While Nvidia has yet to report, the Magnificent 7 apparently grew EPS by 26% year/year in 2Q, a 12% beat relative to consensus expectation coming into earnings season." This week's results will provide some colour on the health of consumer spending with Home Depot, Target, Lowe's and Walmart all reporting. In bond markets, the chance of Fed easing is keeping down short-term Treasury yields while the longer end is pressured by the risk of stagflation and giant budget deficits, leading to the steepest yield curve since 2021. European bonds also have been pressured by the prospect of increased borrowing to fund defence spending, pushing German long-term yields to 14-year highs. Wagers on more Fed easing have weighed on the dollar, which dropped 0.4% against a basket of currencies last week to last stand at 97.851. The dollar was a fraction firmer on the yen at 147.46, while the euro held at $1.1701 after adding 0.5% last week. The dollar has fared better against its New Zealand counterpart as the country's central bank is widely expected to cut rates to 3.0% on Wednesday. In commodity markets, gold was stuck at $3,343 an ounce after losing 1.9% last week. [GOL/] Oil prices struggled as Trump backed away from threats to place more restrictions on Russian oil exports. [O/R] Brent dropped 0.2% to $65.74 a barrel, while U.S. crude eased 0.1% to $62.76 per barrel.
