US stock futures trade lower on a quiet Monday, European equities lower as well

US stock futures trade lower on a quiet Monday, European equities lower as well

In focus as the new week begins are surging oil prices after Saudi Arabia said it would cut production next month

US stock futures are trading lower as the country observe Veteran’s Day after stocks plunged into the red Friday.

The Dow Jones Industrial Average finished down around 201 points at 25,989. the S&P 500 closed out at 2,781 — down nearly 26 and the tech-heavy Nasdaq plunged 123 points to 7,406.

In futures trade, the Dow is down 48 and the Nasdaq is ahead by one point. The S&P 500 is off 2.25.

In focus as the new week begins are surging oil prices after Saudi Arabia said it would cut production next month.

The energy minister Khalid Al Falih said Saudi output would fall by 500,000 barrels per day in December.

US benchmark crude, West Texas Intermediate is up 0.6% at the time of writing to $60.55 per barrel.

In Europe, the FTSE 100 is down eight points as Prime Minister Theresa May faces more Brexit pressure. The German DAX is down 85 points at 11,444. The French CAC 40 is off around eight points at 5,098.

In Asia, the Shanghai Composite Index lost more than 31 at 2,630, while the Nikkei 225 shed more than 19 to 22,269.

Analyst Craig Erlam, at Forex firm Oanda, said: “US futures look a little flat ahead of what is likely to be a very quiet day on Wall Street as the country observes the Veterans Day bank holiday. This week as a whole could see less focus on the US as developments on Brexit and the Italian budget take centre stage.”

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