European shares hit 1-mth high

LONDON, Sha’ban 23, 1437, May 30, 2016, SPA — European shares hit one-month highs on Monday, while the dollar index rose to a two-month peak after Federal Reserve Chair Janet Yellen suggested that an interest rate hike in the United States may be around the corner, Reuters reported.
The Fed should raise rates “in the coming months” if growth picks up and the labour market continues to improve, Yellen said on Friday. St. Louis Fed President James Bullard chimed in, saying on Monday, global markets appear to be “well-prepared” for a summer rate hike, although he did not specify a date for the policy move.
Against a basket of currencies, the dollar was up 0.4 percent at 95.879, while the euro struggled near 2-1/2 month lows of $1.1097 hit in the Asian session.
The euro zone’s blue-chip Euro STOXX 50 index was 0.1 percent higher, while Germany’s DAX was up 0.3 percent, hitting a one-month high. Trading volumes are expected to be thin as the London and New York markets are closed for a public holiday.
Crude oil futures remained shy of the $50 per barrel level after marking weekly gains, feeling some pressure from the stronger U.S. dollar that made it more expensive for holders of other currencies. Brent crude slipped to $49.10 a barrel, after gaining 1 percent last week. U.S. crude was down 0.3 percent at $49.18 after rising about 3 percent for the week.
The dollar’s strength took a toll on spot gold, which dropped 0.9 percent to $1,201 an ounce. It plumbed a low of $1,199.60 earlier in the day, its lowest since late February.
–SPA
12:30 LOCAL TIME 09:30 GMT

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