Russia has echoed China's comments ahead of the G20 summit, saying the US should consult other countries before pumping cash into its economy.

The OECD Composite Leading Indicator (CLI) remained unchanged at 102.8 in September - suggesting expansion remained steady in the overall 33-nation bloc. The OECD believes that the pace of growth will pickup in Germany, Japan and the US, while India, Brazil and China showed signs of modestly easing growth.

European shares eased from six month highs on Monday. Renewed worries about euro zone debt, a strengthening US dollar and weaker commodity prices gave investors an opportunity to lock in recent profits. Mining stocks were amongst the hardest hit. The FTSEurofirst index fell 0.1pct, while the UK FTSE lost 0.4pct and the German Dax gave back 0.1pct.

US sharemarkets fell from two-year highs on Monday as investor locked in profits. The S&P financial index fell 0.8pct to lead declines following the almost 7pct gain last week. A broker upgrade for Intel supported the tech sector. At the close of trade the Dow Jones was lower by 37pts or 0.3pct with the S&P 500 down 0.2pct and the Nasdaq up by 1pts.

US treasuries fell (yields higher) on Monday as traders cut prices. The $32 billion auction of 3-year notes found strong demand. US 2yr yields rose by 3pts to 0.403pct and US 10yr yields rose by 3pts to 2.561pct.

The US dollar rallied against the Euro for a second straight session as budget problems in Ireland and euro zone debt drove investors to the greenback. The Euro fell from highs near US$1.3975 to US$1.3885, heading into the US close near US$1.3920. The Aussie dollar fell from near US$1.0145 to US$1.0080 nearing the US close at US$1.0130. And the Japanese yen is currently around 81.15 yen per US dollar after trading from JPY81.35 to JPY81.00.

US crude oil prices hit fresh two year highs on Monday, despite the strengthening US dollar. Libya's top oil official said that they saw no need for OPEC to boost output targets at its December meeting. The Nymex crude oil contract rose by US21c or 0.2pct to US$87.06.

Base metal prices were mixed on the London Metal Exchange on Monday. Despite the strength in the US dollar, copper prices remained well supported on the back of broker upgrades for base metals. Copper rose 0.1pct, while Zinc lost 2.0pct. And the gold price rose to fresh record highs. Comex gold futures closed up US$5.50 an ounce to US$1,403.20.

Ahead: In Australia, Federal Treasury's Mid-Year Economic and Fiscal Outlook Statement is released. In the US wholesale inventories is released.

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