U.S. futures slipped along with European stocks on Monday as traders await fresh catalysts, with the key American jobs data later this week set to provide further clues on the outlook for the world’s biggest economy amid lingering inflation concerns.
Contracts on the S&P 500 and Nasdaq declined, with trading hours curtailed due to the Memorial Day holiday in the U.S. The dollar weakened against a basket of peers. The euro gained after data showed Germany’s inflation rate rose to the highest level since October 2018, while price pick-ups in May were also reported by Spain and Italy. There’s no Treasuries cash trading today, after the 10-year yield closed just below 1.6% on Friday.
The utilities sector dragged the Stoxx Europe 600 index lower as Spain’s Endesa SA declined following reports the Spanish government is preparing to rein in windfall profits for power producers. Deutsche Bank AG dropped after the Federal Reserve warned that its compliance programs aren’t adequate. U.K. markets are closed for a holiday.
