Stocks continued to falter on Monday following a turbulent week of trading. In New York, futures on the benchmark S&P 500 remained little changed, as did those listed on the Nasdaq 100. Contracts on the Dow Jones Industrial Average slipped 0.4% lower.
Across the pond, the Stoxx Europe 600 was largely unchanged, while the MSCI Asia Pacific Index slumped by 0.7%. While equities continued to falter, bonds rose, with the yield on US 10-year Treasuries advancing by one basis point to 4.06%. Germany’s equivalent rose three basis points to 2.19%, while Britain’s 10-year yield surged five basis points upwards to 3.83%.
Brent crude fell by over 1% after Saudi Arabia instituted price cuts to remain competitive with rivals in the Asian market, thereby bringing an end to rising oil prices due to diversions from trading routes via the Red Sea. Furthermore, concerns over the security situation in the Red Sea have been diverted due to The price of spot gold was also down, falling 0.8% to $2,029.62 an ounce.
