Travel and leisure shares push Europe lower

The euro resumed gains against the dollar even as data showed German industrial production unexpectedly fell in June. Crude dropped as OPEC nations met with their allies.

The common currency rebounded from a slump against the greenback in the wake of U.S. jobs data on Friday, while the dollar struggled to maintain its bullish momentum against G-10 peers.

The euro’s continued resilience is a testament to growing investor confidence in the growth story of the European Union amid disappointment over U.S. President Donald Trump’s failure get tax reform and infrastructure spending plans off the ground. Monday’s report from Germany is unlikely to mark a turning point for either the nation’s economy or the wider bloc, which has successfully navigated a series of political challenges while expansion accelerates.

Representatives from OPEC and non-member nations meet in Abu Dhabi today to discuss supply cut compliance, which fell to 86% in July. It’s a week of industrial data in Europe. U.K. factory output for June is due Thursday. After Monday’s industrial production for Germany, Italy is on Wednesday and France on Friday.

The Stoxx Europe 600 Index dipped 0.3 percent as of 11:25 a.m. in London. The U.K.’s FTSE 100 Index gained 0.1 percent to the highest in six weeks on a closing basis. Germany’s DAX Index sank 0.5 percent. The MSCI All-Country World Index climbed 0.1 percent. Futures on the S&P 500 Index advanced 0.1 percent.

West Texas Intermediate crude decreased 1.3 percent to $48.94 a barrel. Gold fell 0.2 percent to $1,256.70 an ounce. Copper gained 0.1 percent to $2.89 a pound.

Japan’s Topix index rose 0.5 percent. Toyota jumped 2 percent after it beat first-quarter profit estimates and raised its full-year forecast on Friday. The MSCI Asia-Pacific Index added 0.5 percent to trade near to its highest since December 2007. The Japanese yen decreased 0.1 percent to 110.84 per dollar.