U.S. Futures Slip; Euro Sags vs Dollar

With the start of the corporate earnings season this week, investors are concerned about how corporations are dealing with growing inflation and reports of the emergence of a new coronavirus type, the Associated Press (AP) reported.

Photo Insert: The euro fell over 1% to $1.0091, bringing it closer to parity with the US dollar.

Also, this week, the United States will report new data on rising costs for businesses and families, with inflation hanging near four-decade highs. Before Monday's opening bell, Dow Jones industrials futures lost 0.6 percent and S&P 500 futures plummeted 0.7 percent.

At lunchtime, European shares were falling as most Asian markets sank, with the exception of Japan's benchmark, which rose after the ruling Liberal Democratic Party won a sweeping legislative election victory.

The euro fell over 1% to $1.0091, bringing it closer to parity with the US dollar. The euro is at its lowest level in 20 years versus the US dollar, weighed down by fears of a recession and a surge in the greenback as the Federal Reserve boosts interest rates to battle inflation.

The US dollar gained ground against the Japanese yen, rising to 137.15 yen from 136.10 yen.

Germany's DAX plummeted 1% after a key gas pipeline from Russia to Germany was shut down for annual maintenance, raising concerns that Russia will not resume gas delivery as expected.

The CAC 40 in Paris fell 0.8 percent, while the FTSE 100 in London fell 0.4 percent.

Last week, Wall Street sputtered to a halt as global markets focused on Chinese economic figures and moves by central banks, particularly the US Federal Reserve, to curb stubborn inflation.

The S&P 500 lost 0.1 percent on Friday, as did the Dow, while the Nasdaq increased 0.1 percent. The Russell 2000 index of small-company stocks fell less than 0.1%.

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