Global stocks steady

The Stoxx 600 Index opened little changed as gains in technology firms offset declines in energy shares and miners. Crude oil extended last week’s decline — its worst since October — on concern the delta virus strain will hamper demand growth.

Precious metals sold off, with gold touching the lowest since March before paring losses. Silver dropped to its lowest since November. Strong U.S. payrolls data on Friday raised the prospect of higher rates, which would make precious metals less attractive relative to other assets.

Asian stocks were mixed, as shares rose in Hong Kong and China and fluctuated in South Korea. The U.S. 10-year Treasury yield was steady at around 1.3%, while the dollar drifted. Chinese bond yields gained after inflation data came in above expectations.

Friday’s strong payrolls report, as well as comments from Dallas Fed President Robert Kaplan, have fanned expectations that the Federal Reserve may soon start paring back its massive monetary stimulus. That’s even as the rampaging delta variant could mean a slower economic recovery and a tight labor market, Kaplan warned. Also in the mix are rising price pressures, with U.S. inflation data this week a key marker for investors ahead of the Jackson Hole symposium later this month.

“You have these concerns that if the economy is growing very, very strongly then that might bring forward the tightening or the tapering by the Fed,” Shane Oliver, head of investment strategy and chief economist at AMP Capital, said on Bloomberg Television. “There is a good chance they might announce that tapering in September and it would start later this year.”

Elsewhere, Chinese technology shares remained under pressure amid concerns about Beijing’s crackdown. Bitcoin traded near $43,000 after hitting the highest since May over the weekend.

Here are some key events to watch out for this week:

• Atlanta Fed President Raphael Bostic; Richmond Fed President Tom Barkin; Cleveland Fed President Loretta Mester; Kansas City Fed President Esther George among Fed speakers through the week
• The U.S. consumer price index on Wednesday is forecast to show prices increased again in July
• OPEC Monthly Oil Market Report due Thursday

These are the main moves in markets:

Stocks

• The Stoxx Europe 600 was little changed as of 8:21 a.m. London time
• Futures on the S&P 500 fell 0.2%
• Futures on the Nasdaq 100 were little changed
• Futures on the Dow Jones Industrial Average fell 0.2%
• The MSCI Asia Pacific Index was little changed
• The MSCI Emerging Markets Index was little changed

Currencies

• The Bloomberg Dollar Spot Index was little changed
• The euro was little changed at $1.1761
• The Japanese yen was little changed at 110.18 per dollar
• The offshore yuan was little changed at 6.4768 per dollar
• The British pound was little changed at $1.3875

Bonds

• The yield on 10-year Treasuries was little changed at 1.29%
• Germany’s 10-year yield was little changed at -0.46%
• Britain’s 10-year yield declined one basis point to 0.60%

Commodities

• Brent crude fell 2.3% to $69.07 a barrel
• Spot gold fell 0.9% to $1,747.96 an ounce