Global shares dip, while dollar steadies; eyes on BOJ

investing.com:

By Nell Mackenzie and Wayne Cole

LONDON/SYDNEY (Reuters) -World stocks slipped on Monday, while the dollar steadied ahead of a week including a Bank of Japan policy announcement and a key reading on U.S. inflation.

Iranian-backed Houthi militants have stepped up attacks on vessels in the Red Sea, which on Monday pushed up shares in big shipping companies, particularly in Europe, on the view that they may push up their rates in response, while crude oil eased modestly.

MSCI's broadest index of world shares dipped 0.1%. European shares opened on a slide led by a decline in real estate stocks but then remained flat after shipping stocks rose across European exchanges.

The pan-European stock index traded largely flat by 1021 GMT, after its fifth straight weekly gain on Friday, its longest streak since April.

By 1023 GMT, D'Amico International Shipping B7C.MI, Hapag Lloyd HLAG.DE and Hafnia HAFNI.OL gained between 4 and 2%. Frankfurt-listed shares in Scorpio Tankers (NYSE:STNG) S0QA.F and Nordic American Tankers NAT.N rose 5 and 8%, respectively.

Oil prices fell towards last week's five-month low amid doubts all OPEC+ producers will stick with caps on output. [O/R]

Lower exports from Russia and the attacks in the Red Sea seemed priced in to crude oil as Brent fell 64 cents to $75.93 a barrel, while U.S. crude fell 61 cents to $70.82 by 1030 GMT.

Florian Ielpo, head of macro at Lombard Odier Investment Managers, said that in recent days he had seen less market reaction to macro economic data and more moves in stock and bond markets after remarks made by central bank policy makers.

«We will see this week, genuinely, how the market digests a Fed pivot,» said Ielpo who noted that so far, stocks had risen and credit spreads