US financial markets were closed for a public holiday on Monday.

Services sector growth slowed across the globe in June. In China, the purchasing managers gauge fell from 56.4 to 55.6. The equivalent gauges fell in the UK (from 55.4 to 54.4) and in the Euro-zone (from a 33-month high of 56.2 to 55.5). The Australian PSI lifted from 47.5 to 48.8 in June but remained below 50 suggesting the services sector was contracting.

European shares fell to six-week lows on Monday, dragged down by mining stocks. But a gain in the share price of BP supported energy producers. The FTSEurofirst index fell by 0.3pct with both the UK FTSE and German Dax also down by 0.3pct. Shares in BP rose by 3.5pct on hopes that it would plug the oil leak in the Gulf of Mexico earlier than expected. In London trade shares in BHP Billiton fell by 2.2pct with Rio Tinto down by 1.8pct.

The Canadian sharemarket fell on Monday with investors concerned about the global economic outlook. The S&P/TSX composite index fell by 0.9pct with nine of the 10 sectors falling.

US sharemarkets were closed on Monday. Last Friday the Dow Jones fell by 46 points or 0.5pct with the S&P 500 also down by 0.5pct, and the Nasdaq was down by almost 10 points or 0.5pct.

The US bond market was closed for the public holiday on Monday. On Friday US 2yr yields stood at 0.63pct with US 10yr yields at 2.98pct.

Major currencies were largely stagnant in European and North American trade on Monday. The Euro held between US$1.2505 and US$1.2555, ending the North American session near US$1.2540. The Aussie dollar fell from highs near US84.65c to US83.70c, ending overnight trade near US83.95c. And the Japanese yen lifted from 88.00 yen per US dollar to JPY87.60, ending US trade near JPY87.75.

US crude oil prices fell again on Monday in thin holiday-affected trade. Softer readings for services sectors across the globe didn´t help investor sentiment on the commodity complex. The Nymex crude oil contract fell by US42c or 0.6pct to US$71.72. London Brent crude fell by US18c to US$71.47 a barrel.

Base metal prices were mixed on the London Metal Exchange on Monday. Zinc rose 1.5pct with copper up 0.9pct and lead up 0.6pct. But nickel lost 0.7pct and aluminium lost 0.1pct. The gold price rose modestly in electronic trade on Monday as investors continued to fret about the health of the global economy. Comex gold rose by US$1.30 an ounce to US$1,209.00.

Ahead: In Australia, the Reserve Bank Board hands down its rates decision. Trade data is released. In the US, the Performance of Services index is released.