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UK and European markets turned lower on Monday as investors
look ahead to the upcoming interest rate decision from the European Central
Bank.
US stocks retreated to
put a record-setting rally on pause, as investors girded for a week where
Federal Reserve Chair Jerome Powell's testimony and the monthly jobs report
could put equity gains to the test.
Oil prices edged
higher after oil cartel OPEC+ agreed to extend voluntary
output reductions until the second quarter, in an effort to support the
short-term stability of crude markets.
Gold prices were anchored
near a two-month peak following last week’s tepid U.S. economic
data, which solidified bets for the Federal Reserve’s first interest rate cut
of the year in June.
In corporate news, Hipgnosis tumbled
as the value of its music portfolio was cut by more than a quarter and the
company said it would need to use free cash to pay down debt.
As a result, it does not plan to begin paying dividends again "for the
foreseeable future".
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