Asian Markets are set for a muted start to the day after US Stock closed mixed as Europe sought to tame its debt crisis and investors debated whether a three-week rally was warranted.
The S&P500 rose 0.62 points, or 0.05%, to close at 1316.00 with energies gaining and telecoms lagging. The Dow Jones Industrial Average finished 11.66 points lower, or 0.09%, at 12708.82, while the Nasdaq also slightly fell 2.53 points or 0.09%.
Stocks ended flat in quiet trading as investors continued to monitor developments in the Greek debt negotiations and ahead of the Fed’s two-day FOMC meeting this week.
The euro strengthened to an almost three-week high against the dollar as French Finance Minister Francois Baroin said negotiations between Greece and its private creditors are making “tangible progress.” The euro gained 0.8% to $1.3029.
Oil rose for the first time in four days after the European Union agreed to ban crude imports from Iran, raising concern that retaliation from the Islamic Republic may disrupt the oil supply in the Middle East. Oil for March delivery climbed $1.25 to settle at $99.58 a barrel.
Gold rose 1% on Monday to a six-week high, boosted by technical buying and as the euro rallied ahead of the outcome of a euro zone meeting on Greek debt restructuring. U.S. gold futures for February delivery rose $14.30 to settle at $1,678.30 an ounce.
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