U.S. stocks fell modestly Monday, coming off a large move last week. The S&P 500 fell 0.3% and NASDAQ 0.1%. Economic news worldwide was light, as eyes now turn to the corporate earnings season which kicks off later this week.
Oil added 0.1% to $93.19, while gold fell 0.2% to $1646.30 and silver rebounded 0.45% to $30.08.
British shares fell 0.5%, German stocks 0.6%, and French stocks 0.7%.
- International banks won a concession Sunday from the Basel Committee on Banking Supervision, which relaxed rules for lenders that had been proposed in hopes of preventing another global financial crisis. The rule change affects the "liquidity coverage ratio," a minimum standard set by regulators as part of the Basel III accord. Banks will now have more time to comply with the rule, and the standard has been eased. Tougher capital requirements are considered a key step toward making banks safer and avoiding future taxpayer bailouts.
- The changes announced Sunday will delay full implementation of of the liquidity coverage ratio until 2019 -- a four-year extension. The ruling also expands the definition of "high quality liquid assets," which should make it much easier for banks to comply with the regulations.
China gained 0.4%, whole Japan fell 0.8%.