By Steve Goldstein
European stocks held to a tight range on Monday, pausing after a rally which has seen equities rise five of the last six weeks.
After rising 1.2% last week, the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.16% slipped 0.4%.
Asian markets edged lower on the latest coronavirus case rise, as Thailand banned dine-in services for a month, Malaysia extended a lockdown and control orders were imposed in Sydney, Australia.
U.S. stock futures /zigman2/quotes/209948968/delayed ES00 -0.0058% /zigman2/quotes/210219788/delayed NQ00 +0.02% were mixed, after the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.73% finished at a record high for the 31st time in 2021. Moves may be limited ahead of the release of Friday’s nonfarm payrolls data, which will further set expectations on Federal Reserve policy. Eric Rosengren, the president of the Boston Fed, told the Financial Times the U.S. cannot afford a boom-and-bust cycle in real estate.
The yield on the 10-year Treasury /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y 0.00% rose to 1.53%, as Republican senators welcomed remarks by President Joe Biden that he would not veto an infrastructure bill if a separate spending bill was not passed.
Nokia /zigman2/quotes/203672305/delayed FI:NOKIA -0.20% /zigman2/quotes/207421390/composite NOK 0.00% shares jumped 6.4%, catching up to a rally to its U.S.-listed stock after Goldman Sachs lifted its rating on the telecom equipment maker to buy from neutral.
Shares of U.K. luxury goods group Burberry /zigman2/quotes/205386705/delayed UK:BRBY -0.08% slumped 7% after Marco Gobbetti said he would be leaving the company at the end of the year to take the same role at leather goods maker Salvatore Ferragamo /zigman2/quotes/204256900/delayed IT:SFER -0.78% in his native Italy. Burberry said it has begun a search for his successor.
U.K. bakery Greggs /zigman2/quotes/205743109/delayed UK:GRG -0.19% rose 3% in early trading before losing some of those gains, after saying the sales recovery since its May 10 update was stronger than anticipated.