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| - Asian and European stocks were slightly lower Monday as traders took a breather after last week's rally while keeping tabs on Federal Reserve monetary policy plans in light of the positive outlook for the global economy. The bipartisan agreement between US lawmakers Thursday on a huge infrastructure deal provided an extra boost to already upbeat investors, who have also been calmed by Fed pledges to maintain record-low interest rates and vast bond-buying for as long as the recovery needs. Even a sharp spike in a closely watched gauge of consumer spending for May was taken in stride on trading floors, with much of the surge being attributed to rallying energy costs. After another record close on Wall Street, Asia struggled to maintain momentum on Monday. Tokyo, Hong Kong, Wellington, Manila, Mumbai, Bangkok and Jakarta all eased, while Shanghai, Sydney and Seoul were barely moved. Singapore and Taipei rose. London, Paris and Frankfurt all fell in the morning session. Observers warned that while the general mood was positive, investors remained on edge as inflation continues to be a worry. The Fed is "far away from tapering, they are far away from increasing rates, but at some point, if the markets sees the Fed being too far behind the curve you will start to see some adjustment on the long end of the curve", Charles-Henry Monchau, at FlowBank SA, told Bloomberg TV. "We might not have seen the peak in bond yields. I would not be surprised to see some adjustments in the coming months. That might be an excuse for the market to take a bit of profit." Traders will also be keeping a close eye on Washington after Joe Biden, Democrats and Republicans came together for a rare agreement on the near $1 trillion roads and bridges plan, with the president acknowledging there was no guarantee the package would get through Congress. The White House on Saturday stepped back from a call to link it to a wider tax-and-spending bill -- including priorities such as climate change mitigation, child care, schools and social services -- that is opposed by Republicans. The announcement fanned fears Biden had threatened to veto the new agreement. Still, National Australia Bank's Ray Attrill said: "One of the catalysts for US equities achieving new record highs last week was the news of a handshake deal between the president and a bipartisan group of senators, but some Republican senators now 'smell a rat' in so far as voting for the infrastructure bill could be akin to also voting for the American Families Plan." He added that "developments here promise to be one source of market volatility in the week ahead". Investors will be keeping an eye on the release this week of key manufacturing data from around the world for a better grip on the state of the economic recovery, while crucial US jobs figures are also due. Oil prices were flat, having hit multi-year highs last week on demand optimism, while traders are awaiting the monthly meeting of OPEC and other top producers Thursday, which is expected to see them lift output to ease fears over falling supplies. Bitcoin rose as investors shrugged off the UK financial watchdog's decision to ban cryptocurrency exchange Binance, as the digital money faces growing scrutiny. Tokyo - Nikkei 225: DOWN 0.1 percent at 29,048.02 (close) Hong Kong - Hang Seng Index: DOWN 0.1 percent at 29,268.30 (close) Shanghai - Composite: FLAT at 3,606.37 (close) London - FTSE 100: DOWN 0.3 percent at 7,116.93 Euro/dollar: DOWN at $1.1936 from $1.1938 at 2045 GMT on Friday Pound/dollar: UP at $1.3916 from $1.3885 Euro/pound: DOWN at 85.77 pence from 85.99 pence Dollar/yen: DOWN at 110.68 yen from 110.79 yen West Texas Intermediate: DOWN 0.1 percent at $73.94 per barrel Brent North Sea crude: DOWN 0.2 percent at $76.01 per barrel New York - Dow: UP 0.7 percent at 34,433.84 (close) oho-dan/qan
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