World stocks tick up to record high; oil slips
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A measure of equity markets across the world climbed to a record high on Monday, boosted by gains in Asia, while U.S. and European markets were little changed, with U.S. energy shares capping gains on the benchmark S&P 500 index.
Oil prices fell and have been pressured after last week climbing to their highest since May, as OPEC exports hit a record peak last month and output rose to a 2017 high. However, both U.S. crude and Brent settled far above their session lows.
Strong economic data globally and healthy corporate earnings in the United States have supported equities, with the Dow industrials closing Monday at a ninth consecutive record high.
The average daily gain over those nine sessions was 0.26 percent.
"Today there's a lack of conviction either way. There's no reason to be a seller yet and there's no reason to be a buyer at these levels as earnings season winds down and you don't have much in the way of economic news this week," said Robert Pavlik, chief market strategist at Boston Private Wealth in New York.
The Dow Jones Industrial Average .DJI rose 25.61 points, or 0.12 percent, to end at 22,118.42, the S&P 500 .SPX gained 4.08 points, or 0.16 percent, to 2,480.91 and the Nasdaq Composite .IXIC added 32.21 points, or 0.51 percent, to 6,383.77.
MSCI's gauge of stocks across the globe .MIWD00000PUS gained 0.27 percent to close at a record high. The pan-European FTSEurofirst 300 index .FTEU3 lost 0.12 percent.
Emerging market stocks .MSCIEF gained 0.76 percent. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.55 percent higher, while Japan's Nikkei .N225 rose 0.52 percent.
OIL MARKET EYES OPEC
Oil prices fell, with energy markets focused on comments from OPEC and non-OPEC officials meeting in Abu Dhabi to discuss ways to boost compliance with a deal to cut output.
Adding to supply concerns, production at Libya's largest field was returning to normal after a brief disruption by armed protesters.
U.S. crude CLcv1 fell 0.5 percent to $49.33 per barrel and Brent LCOcv1 was last at $52.27, down 0.29 percent on the day. Both fell 2 percent at one point during the session.
Oil prices have been pressured as "producers meeting in Abu Dhabi have been slow to assure the market that compliance with this year's production cuts will be improved," Tim Evans, Citi Futures' energy futures specialist, said in a note. He added that "adherence to the limits has actually been quite strong by historical standards."
In currency markets, the U.S. dollar edged lower but held onto most of Friday's gains as investors awaited inflation data this week that may signal a turnaround in the greenback's weakness for most this year.
"We have a view that the U.S. dollar is due for some mild corrective strength in the near term and we see some confirming price action from some of the key G10 currency pairs," said Erik Nelson, currency strategist at Wells Fargo Securities in New York.
"Some of these dollar-bloc currencies are starting to show signs of maybe rolling over in the near-term."
The dollar index .DXY fell 0.12 percent, with the euro EUR= up 0.22 percent to $1.1794. The index had gained 0.76 percent on Friday, the most for any single session since Dec. 15.
The Japanese yen weakened 0.06 percent versus the greenback at 110.75 per dollar JPY=, while sterling GBP= was last trading at $1.3034, down 0.01 percent on the day.
In the absence of major U.S. economic data, the Treasuries market was little changed and focused on a heavy schedule of government and corporate bond issues this week, which could push yields higher.
Benchmark 10-year U.S. Treasury notes US10YT=RR were last up 4/32 in price to yield 2.2548 percent, from 2.269 percent late on Friday.
The 30-year bond US30YT=RR was last up 6/32 in price to yield 2.8344 percent, from 2.844 percent.
Spot gold XAU= was little changed at $1,257.76 an ounce. U.S. gold futures GCcv1 fell 0.09 percent to $1,263.50.