European shares struggle following a rally in Asia

On Monday European shares struggled to carry forward a rally from Japan and the U.S., where the S&P 500 index notched its best week in five years. Oil advanced while the dollar steadied against major peers.

The Stoxx Europe 600 index edged lower as auto and consumer stocks slipped. That contrasts with Asia, where equities are building on their best week since September 2016, with Japanese stocks closing higher as the yen fell. U.S. equity futures rose, German bunds retreated and the euro edged higher.

European markets are the center of investor attention on Monday as U.S. stocks and Treasuries take a break for Presidents’ Day holiday and markets in Hong Kong and China are closed for the Lunar New Year.

In Asia, currency traders saw the yen retreat from a 15-month high even as data showed Japan’s exports and imports grew strongly in January from a year earlier in a sign the economy continues to expand.

The Stoxx Europe 600 Index decreased 0.1 percent as of 10:45 a.m. London time. The MSCI World Index of developed countries advanced 0.1 percent, reaching the highest in more than two weeks on its seventh consecutive advance. The MSCI Asia Pacific Index climbed 0.9 percent, hitting the highest in two weeks with its sixth straight advance. Japan’s Nikkei 225 Stock Average climbed 2 percent to the highest in two weeks on the biggest increase in more than six weeks. The MSCI Emerging Market Index jumped 0.2 percent. The U.K.’s FTSE 100 Index declined less than 0.05 percent. Futures on the S&P 500 Index increased 0.1 percent, hitting the highest in more than two weeks with its seventh consecutive advance.

West Texas Intermediate crude advanced 1 percent to $62.27 a barrel, the highest in almost two weeks. Gold gained 0.1 percent to $1,348.05 an ounce.