Sluggish Asian stocks, the Euro jostled by German politics | Money

SYDNEY – Asian stocks were subdued Monday ahead of a week filled with major economic events, while the euro was briefly shaken by signs that a German political deal on the Immigration could be in trouble.

following President Donald Trump's tweet that Saudi Arabia had agreed to lift oil production "perhaps up to 2,000,000 barrels".

The missive was later downplayed by the White House and the Saudi news agency. 78 cents to 78.45 per barrel, while US crude fell 69 cents to 73.46. The decline was modest as US crude rebounded by more than 8% last week, while Brent gained more than 5%.

Nikkei fell by 0.2% on the stock markets. threats of commercial war.

The broadest MSCI index of Asia-Pacific shares outside Japan was a firmer fraction in early trade. The index fell 2% last week as trade concerns clouded China's growth prospects and put pressure on asset prices.

Tension increases before July 6, when the United States and China will impose "The main risk for the market is not that Trump actually enforces its commercial threats, but rather that An extended period of commercial uncertainty is starting to weigh on economic activity, "JPMorgan analysts said in a note. [19659002] "Evidence suggesting that this is happening is far from conclusive, but worrying data points are accumulating."

A survey conducted over the weekend showed that Chinese manufacturing activity is a bit chilled in June. The official index of purchasing managers (PMI) fell 51.5 in June against 51.9 in May

. A number of readings on manufacturing around the world are expected Monday as the US ISM report comes out on Tuesday. Minutes of the last Federal Reserve Policy Meeting come Thursday and the week ends with the US payroll for June.

An agreement, or not?

On foreign exchange markets, the euro struck early German Interior Minister Horst Seehofer rejected an agreement on migration, German Chancellor Angela Merkel said on Friday. from a summit of the European Union (19659002).

This decision makes the future of Merkel's government even more uncertain as its Christian Democrat Party (CDU) builds on the CSU to maintain power through a coalition formed three months ago to end the political vacuum

. The US dollar was still a little weaker on a basket of currencies at 94.607, after falling from a high of 95.324 on Friday. He was stable on the yen at 110.72 after failing to erase stiff resistance around 110.94 last week. -Reuters