UK and European markets turned positive, shaking off the negative sentiment seen at the start of trading in 2024.
The dollar held on to most of last week’s gains after posting its biggest weekly rise against a basket of other major currencies since July, putting a halt to the declines seen in late 2023.
Oil prices fell on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting supply concerns generated by escalating geopolitical tension in the Middle East.
Gold prices fell as yields remained elevated on fading hopes of an early Federal Reserve rate cut, with markets looking ahead to U.S. inflation data this week.
Energy giant Shell flagged fourth-quarter impairments of up to $4.5bn on Monday, primarily in its chemicals and products division.
The oil major, updating on fourth-quarter trading, said non-cash post-tax impairments were expected to be between $2.5bn and $4.5bn.
Shell said the impairments were driven primarily by macro and external developments, as well as portfolio choices. These include its Singapore chemicals and product assets, which Shell is currently looking to sell.
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