OPENING CALL: The Australian share market is expected to open flat. The SPI200 futures contract expected to open down 3 points.
The Commerce Department extended a license allowing rural U.S. telecom providers to continue working with Chinese equipment maker Huawei, despite national-security-related restrictions imposed six months ago.
U.S. government bonds strengthened, pushing the yield on the 10-year note down to around 1.80%, after a news report suggested that China was pessimistic about a trade deal with the U.S.
Overnight Summary
Each Market in Focus
Australian shares pulled back on the solid gains logged at the end of last week, with broad losses outside consumer stocks. The S&P/ASX 200 finished down 0.4% at 6766.8.
The heavily-weighted four biggest banks were down by between 0.4% and 1.2%, while the telecomunications sector and utilities lost 0.9% and 1.2%, respectively.
Bucking the trend, Appen rallied 13% after lifting its earnings guidance and Qantas Airways rose 3.0% after several analysts raised their price targets.
U.S. stocks drifted between small gains and losses, kept in a narrow range by a dearth of economic data and earnings.
The Dow Jones Industrial Average was last up 33 points, or 0.1%, to 28037, heading toward another closing record. The S&P 500 added less than 0.1% and the Nasdaq Composite was up 0.1%.
Moves were muted after stocks finished at a fresh set of records Friday. Energy shares led declines in the S&P 500, following crude oil prices lower.
Gold futures ended higher, getting a boost as Treasury yields fell and the dollar weakened — lifting investor demand for the haven metal.
Gold for December delivery on Comex rose $3.40, or 0.2%, to settle at $1,471.90 an ounce after trading as low as $1.456.60 during the session. December silver added 5.2 cents, or 0.3%, to $17 an ounce.
In other metals trade, January platinum edged up by 0.06% to $895 an ounce, while December palladium added 1.3% at $1,704.40 an ounce. December copper lost 0.7% to $2.62 a pound.
Oil prices retreated from last week’s eight-week high, ending the session 1.2% lower at $57.05/bbl on continued worries over global oversupply and fears that a supposed U.S.-China trade deal may not come together as expected.
The dollar slipped after President Trump tweeted that he met with Federal Reserve Chairman Jerome Powell to discuss the U.S. currency and negative interest rates.
The ICE Dollar Index was recently down 0.3% at 97.73, near its lows of the day, weighed down by losses against the yen and euro.
Trump has complained the strong dollar and comparatively high interest rates hurt U.S. economic performance.
European shares close mostly lower amid continued trade jitters. The Stoxx Europe 600 is down a hair and the DAX and CAC-40 both sustain modest losses, but the FTSE 100 rises slightly.
Hong Kong’s Hang Seng Index climbed 1.4% while the Shanghai Composite Index advanced 0.6%. China’s central bank on Monday lowered its regular reverse repurchase rate for the first time since October 2015 in an effort to boost market confidence and bolster economic growth.
India’s benchmark Sensex closes 0.2% lower at 40284.19, with several auto names down.
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