Investing.com - Here are the top five things you need to know today in financial markets:
1. Global shares fall as commodities plunge
Global stock markets slumped on Monday as steep declines in oil and metal prices spooked investors.
Asian stocks ended mostly lower in holiday-thinned trade as soft commodity prices weighed. Markets in Japan remained closed for Labor Thanksgiving day.
In Europe, equities traded lower, as commodity producers led declines.
Meanwhile, U.S. stock futures were down 0.2%, suggesting a weak opening on Wall Street later in the day.
2. Oil tumbles more than $1 on global oversupply fears
Oil prices plunged on Monday, as oversupply concerns remained a factor for oil markets. U.S. crude was last down $1.23, or 2.92%, to $40.67 a barrel, while Brent sank 83 cents, or 1.86%, to $43.84 a barrel.
The oil market has been on the defensive in recent months amid uncertainty about how quickly the global glut of crude is set to shrink.
3. Metals struggle near multi-year lows
Gold, silver and copper traded at levels not seen in more than five years on Monday as expectations of higher interest rates in the U.S., a broadly stronger U.S. dollar and slower global economic growth, especially in China, weighed.
4. Euro slides to 7-month lows on ECB easing prospects
The euro fell to the lowest level in seven months against the dollar on Monday amid heightened expectations that the European Central Bank will scale up its monetary easing program next month. EUR/USD hit lows of 1.0600, the weakest since April 15 and was last at 1.0623, down 0.2%.
Upbeat euro zone private sector survey data failed to ease jitters over growth prospects for the region.
5. Pfizer set to buy Allergan (N:AGN_pa) for more than $150 billion
Pfizer secured formal board approval on Sunday for its acquisition of Allergan for more than $150 billion in a deal that will create the world's biggest drug maker. The deal, the largest ever in the healthcare sector, will be announced on Monday.
Allergan (N:AGN) shares were up 5.6% in premarket trade, while Pfizer (N:PFE) tacked on 0.87%.