Futures dropped as much as 2.8 percent in New York after tumbling 10 percent last week. Speculators’ net-long position in West Texas Intermediate declined 24 percent in the week to Jan. 5, U.S. Commodity Futures Trading Commission data show. Producer prices in China fell for a record 46th month, bolstering concern about the world’s second-biggest economy. A rapid appreciation of the U.S. dollar may send Brent oil to as low as $20 a barrel, Morgan Stanley said.
Asian stocks extended last week's sell-off on Monday as muted inflation data out of China and sagging commodity prices continued to keep investors' appetite in check. Emerging-market currencies also saw volatility after strong U.S. jobs figures kept the Federal Reserve on track to raise interest rates again in March.
European stock markets held up Monday despite another big fall in China's benchmark amid ongoing worries over the outlook for the world's second-largest economy.
Next Trading Day's Important Events
- USDJPY: 117.68
- EURUSD: 1.0877
- S&P 500: 1,926.20
- NASDAQ : 4650.4