Wall Street was set to start the fourth quarter on a subdued note as oil prices pared gains, while investors looked forward to economic data that could provide further clues on the health of the economy.
The Purchasing Managers’ Index (PMI) from the Institute of Supply Management is expected to show that factory activity expanded in September after having contracted in August.
Oil prices were trading above $50, but came off session highs as investors assessed the impact of an OPEC deal to curb output. [O/R]
Investors are also on the lookout for news from Deutsche Bank, which is working to reach a settlement with U.S. authorities who have demanded a fine of up to $14 billion from the bank for mis-selling mortgage-backed securities.
While the bank’s Frankfurt-listed stock (DBKGn.DE) was not trading due to a public holiday, its U.S.-listed shares (DB.N) were down 0.92 percent at $12.98 in premarket trading on Monday.
Wall Street rallied on Friday as a surge in Deutsche Bank lifted financial stocks after French news agency AFP reported that the bank was nearing a $5.4 billion settlement agreement with U.S. officials.