Market Overview

Global Equities Mixed To Kick Off The Week

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Asian stocks were mostly lower on Monday in reaction to Friday's U.S. data, which showed a weaker-than-expected jobs growth. The figures may prove to be the catalyst forcing the Federal Reserve to postpone a planned interest rate hike that was set to occur in the near-term.

Fed Chairwoman Janet Yellen is scheduled to speak at the World Affairs Council of Philadelphia on Monday at 12:30 p.m. ET.

Asian markets were closed at the time of the U.S. jobs report, but the dollar weakened against the Japanese yen, which is considered to be a negative for the country's stock exchange.

Japan's Nikkei index lost 0.37 percent, while India's Mumbai Sensex index lost 0.24 percent and China's Shanghai Composite index lost 0.16 percent.

On the other hand, Australia's ASX index gained 0.71 percent after the country said its gross domestic product (GDP) grew 1.1 percent in the first three months of the year.

Hong Kong's Hang Sang index gained 0.40 percent and Taiwan's TSEX index gained 0.06 percent.

Find out what's going on in today's market and bring any questions you have to Benzinga's PreMarket Prep.

European stocks were trading higher with more than four hours remaining. The UK's FTSE index was trading higher by nearly 1 percent and saw notable strength from mining companies as most commodities moved higher following Friday's jobs report.

Germany's DAX index was trading higher by just 0.12 percent after the country reported that total orders from the manufacturing sector fell 2.0 percent in April from the prior month which was worse than the 0.6 percent decline some economists were expecting.

"Markets are still coming to terms with some incredibly strong moves on Friday as the worst nonfarm payrolls headline number for over five years smashed the dollar rally," MarketWatch quoted Richard Perry, analysts at Hantec Markets as saying in a note. "After the huge volatility there now needs to be a period of settling."

Oil prices also traded higher as Brent crude futures gained $0.58 to trade above the $50 per barrel mark yet again at $50.22. US WTI crude futures also gained $0.56 to trade at $49.18 a barrel.

Posted-In: Asian Stocks European stocks Federal ReserveNews Commodities Global Pre-Market Outlook Markets

 

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