European stocks and U.S. futures wavered on Monday, failing to build on Friday’s rebound, as the dollar extended its decline. Investors remain concerned about the stability of the financial sector as well as the Federal Reserve’s continued tight monetary policy.
In Europe, the Stoxx Europe 600 rose 0.2% at 8:24 a.m. London time, while UK markets remain closed for the day in honor of the coronation of King Charles III, with trading in the kingdom remaining at modest levels.
Across the pond, U.S. futures rose marginally, with the S&P 500 and the Dow Jones Industrial Average both rising by 0.1%. Contracts on the Nasdaq 100 remained mostly unchanged.
The U.S. dollar fell for a fifth straight day, with the Bloomberg Dollar Spot Index declining by 0.2%. They rose 0.2% to $1.1046, while the British pound remained little changed at $1.2645.
U.S. investors await the release of the U.S. consumer price index later this week, which is projected to show a 5.5% rise in April from a year ago. In the U.K. focus remains on the Bank of England, which is set to announce its latest interest rate decision on Thursday.