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EghtesadOnline: Oil climbed as a political spat between several energy-producing nations in the Middle East escalated, while a slide in industrial metals dragged European stocks lower. The pound pared earlier losses in the wake of a terror attack in London.

Crude recovered some of Friday’s slump while stocks in Qatar plunged as four Arab countries cut off most diplomatic and economic ties to their neighbor. Miners were the biggest losers as the Stoxx Europe 600 Index retreated, while zinc and tin led base metals lower. Treasury yields remained near the lowest in seven months after U.S. jobs data missed forecasts last week. The peso rallied on signs the ruling PRI was ahead in the governor’s election for the key state of Mexico, according to Bloomberg.

While the Federal Reserve has entered a blackout period ahead of the U.S. rate decision next week, there’s plenty on the agenda: 

  • Former FBI Director James Comey will testify before Congress following his dismissal by Donald Trump.
  • U.K. voters go to the polls Thursday. Surveys of voters over the past few weeks have indicated a tightening race, increasing the chance that Prime Minister Theresa May might not get an increased majority.
  • Policy decisions from central banks in India and Australia are due during the week, as well as data on Chinese trade and inflation, U.S. factory orders, European industrial output figures and GDP reports for Australia, Japan and the euro area.

Here are the main moves in markets:


  • Japan’s Topix index fell 0.1 percent, after closing Friday at the highest since August 2015. The Shanghai Composite Index slipped 0.5 percent, while Taiwan’s Taiex increased 0.7 percent and Malaysia’s benchmark gained 0.7 percent.


  • West Texas Intermediate crude advanced 0.7 percent to $47.97 a barrel as of 9:46 a.m. in London, after dropping 1.5 percent on Friday.
  • Gold rose as much as 0.2 percent to $1,282.1 an ounce, hitting the highest since April.
  • Tin fell 1 percent to $20,090 a ton and zinc traded 1.4 percent lower at $2,494.5 a ton on the London Metal Exchange.


  • The Bloomberg Dollar Spot Index dropped 0.2 percent, adding to a 0.4 percent decline on Friday. The yen fell 0.1 percent to 110.53 per dollar. Japan’s currency climbed 0.9 percent Friday after the U.S. data.
  • The Mexican peso soared 1.6 percent, reversing an earlier drop. President Enrique Pena Nieto’s party is narrowly ahead in the election for governor of Mexico’s largest state in an official quick count, throwing it a lifeline ahead of next year’s general vote. Follow more on the vote here.
  • The pound traded 0.1 percent weaker, paring its earlier loss. The euro also fell 0.1 percent to $1.1268.


  • The yield on 10-year Treasury notes rose one basis point to 2.17 percent after dropping five basis points on Friday.
  • U.K. benchmark yields climbed two basis points.


  • The Stoxx Europe 600 Index fell 0.2 percent on Friday with basic resources producers down 1 percent.
  • Doha’s QE Index dropped 7.4 percent, the most since December 2014.
  • Futures on the S&P 500 Index fell 0.1 percent. The benchmark index gained 0.4 percent to a record on Friday.
Pound oil prices industrial metals Europe stocks London attack Qatar tension Persian Gulf crissi Persian Gulf crisis