Global market update: US shares rise, European shares end flat

US stocks gave up early gains on Monday after the yield on the US 10-year Treasury rose.

The S&P 500 climbed 0.26%. The Dow Jones Industrial Average rose 0.14% and the Nasdaq Composite rose 0.27%.

Treasury yields rose after data showed new orders for US-made goods were lower than expected in January.

European shares also pared their gains after European Central Bank (ECB) officials hinted at more interest rate hikes. The STOXX 600 index closed flat on Monday after early gains.

China has set an economic growth target of around 5% for this year, down from last year’s 5.5% GDP target.

Investors are gearing up for major events this week such as Federal Reserve Chairman Jerome Powell’s testimony to Congress on Tuesday and Wednesday; and US jobs data for February on Friday.

In addition to Powell’s testimony, decisions on policy rates from the central banks of Japan, Australia and Canada are also due this week.

Asian shares were mostly higher on Monday. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.44%.

Hong Kong’s Hang Seng index rose less than 0.1%. The Shanghai Composite Index fell 0.2%.

Japan’s Nikkei index climbed 1.11%.

South Korea’s KOSPI rose 1.1%.

Gold fell on Monday after hitting a three-week high.

Spot gold fell 0.5% to $1,846.54 an ounce by 1956 GMT.

Spot silver fell 1.1% to $21.01 an ounce.

Crude oil prices rose on Monday Demand from China is expected to increase

Brent crude futures for May delivery rose 35 cents to $86.18 a barrel.

Benchmark US crude for April delivery rose 78 cents to $80.46 a barrel.