Stocks rebound as weaker dollar lifts copper, oil
By Nigel Stephenson
LONDON (Reuters) - Shares rose in Europe and Asia on Monday, helped by commodity stocks as the dollar remained near its lowest in more than three weeks, after surprisingly weak jobs data led investors to push back expectations for an increase in U.S. interest rates.
Wall Street looked set to follow suit and rebound from the declines triggered by Friday's non-farm payrolls data, according to index futures ESc1 SPc1 1YMc1.
Yields on low-risk U.S. Treasuries fell as expectations faded that rates would rise soon, remaining near almost two-month lows touched after Friday's data. Their German equivalents held close to record-low levels.
The focus for traders and investors shifted to a speech on the economy and monetary policy later on Monday by Federal Reserve Chair Janet Yellen, who will appear at the World Affairs Council of Philadelphia at 1630 GMT (12.30 p.m. ET).
Elsewhere, sterling fell more than 1 percent on the day at one point. Opinion polls published over the weekend showed growing support for Britain's voting to leave the European Union in a June 23 referendum.
The pan-European FTSEurofirst 300 stocks index .FTEU3 gained 0.2 percent, having fallen around 1 percent on Friday. Britain's FTSE 100 .FTSE, which includes several major mining and oil and gas companies, rose 1 percent.
"The mining sector is bouncing up on the back of the weaker dollar," Hantec Markets' analyst Richard Perry said. Continued...