In European Equity Markets the pan-European Stoxx 600 closed 0.19 percent lower with major bourses and most sectors in negative territory. Basic resources topped the few sectors that ended Monday’s trade in the green, up 1.26 percent. Dialog Semiconductor also closed near the top of the Stoxx 600, following news of a steep revenue increase from Austrain sensor maker AMS. Its shares were up nearly 1.5 percent. Europe’s banking sector closed 0.13 percent lower amid earnings news. Spanish state-owned lender Bankia cited one-off restructuring costs after it swung into the red in the fourth quarter. Its shares were over 3 percent lower on the news, having clawed back some of its losses from earlier on in the day. Getinge reported fourth-quarter profit far below market expectations on Monday, ultimately closing trade at the bottom of the Stoxx 600. The Swedish medical technology group predicted slight growth in organic sales in 2018, although shares fell more than 10 percent after the earnings miss.

In Currency Markets the US dollar rose on Monday against a basket of currencies as U.S. bond yields climbed and traders waited for a Federal Reserve meeting and a U.S. jobs report later in the week, while the euro and pound were both broadly down. Against a basket of currencies, the dollar index rose 0.36 percent to 89.389 after scoring six consecutive weeks of losses. On a monthly basis it is set to fall 3 percent. As the greenback rose, the euro fell 0.43 percent, while the British pound decreased 0.61 percent. The House of Lords Constitution Committee said on Monday that May’s legislation to end Britain’s EU membership had “fundamental flaws”. That followed reports at the end of last week that May was facing another leadership challenge. On Monday a Commerce Department report said U.S. consumer spending rose solidly in December, but savings dropped to a 10-year low. The dollar increased marginally after the report.

In Commodities Markets oil eased below $70 a barrel on Monday as rising U.S. output undermined efforts led by OPEC and Russia to tighten supplies, but prices were still on track for their strongest start to the year in five years. Brent crude futures were down by 77 cents to $69.75 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were 44 cents lower at $65.70 a barrel. So far this month, the Brent has risen by 6.3 percent, making this its biggest rise in January since 2013. Oil consumption is growing rapidly as a result of growth in major economies, while OPEC and its allies have repeated their commitments to output restraint. U.S. energy firms added 12 drilling rigs for new production in the week to Jan. 26, taking the total to 759, Baker Hughes reported. U.S. production is now on par with top exporter and OPEC kingpin Saudi Arabia. Only Russia produces more, averaging 10.98 million bpd in 2017.

In US Equity Markets indexes fell on Monday, easing from record levels hit last week, weighed down by a decline in Apple after a media report added to concerns about demand for the iPhone X. Apple fell as much as 2.6 percent in early trading after the Nikkei said the company will halve the production target for its flagship iPhone X this quarter. The technology sector’s 0.75 percent decline weighed the most on the markets, but the biggest decliners were the defensive sectors utilities, real estate and telecommunications, all down more than 1 percent. The S&P 500 was down 0.47 percent, at 2,859.22. The Nasdaq Composite was down 0.46 percent, at 7,471.34. Among stocks, AT&T, Verizon and Sprint fell between 1.1 percent and 1.6 percent on reports that the U.S. government was planning to build a super-fast 5G wireless network to counter the threat of espionage. Wynn Resorts fell 6.6 percent after the company said it is forming a committee to investigate sexual misconduct allegations against CEO Steve Wynn.

In Bond Markets Five-year German bond yields turned positive for the first time since late 2015 on Monday and yields across the euro area hit fresh highs after a European Central Bank policymaker said the ECB should make clear it would end its bond purchases this year. Dutch central bank chief Klaas Knot said on Sunday the ECB should make clear that it will end its asset purchases after the current bond buying programme ends in September. In Germany, the euro zone’s biggest economy, five-year borrowing costs rose to a high of 0.017 percent, turning positive for the first time in more than three years. They were last trading at 0.002 percent. Germany’s 10-year bond yield rose to its highest in more than two-years at 0.625 percent. German two-year bond yields hit their highest since mid-2016 at minus 0.51 percent. Across the euro area, 10-year bond yields were up 2-5 basis points on the day, with French and Dutch yields climbing to multi-month highs.