Investing.com - Here are the top five things you need to know today in financial markets:
1. Euro heads for biggest monthly loss since March
The euro struggled near seven-month lows on Monday as traders looked ahead to this week's European Central Bank meeting for further signals of potential divergence in monetary policies in the U.S. and the euro zone.
The consensus is that the ECB will cut the deposit rate further into negative territory to -0.30% from -0.20%. Market analysts also expect the central bank to increase the size of its monthly quantitative easing program to €75 billion from the current €60 billion.
The single currency has weakened 3.8% in November, its biggest loss since a 4.2% decline in March.
2. Global shares mixed ahead of busy week
Global stock markets were mixed on Monday, as investors geared up for a busy week of economic events, including U.S. employment data and the European Central Bank meeting.
Asian stocks ended mostly lower, as investors remained cautious following a mixed performance from Wall Street last Friday.
In Europe, equities were mostly higher amid expectations ECB monetary policy would stay accommodative.
Meanwhile, U.S. stock futures were little changed, suggesting a flat opening on Wall Street later in the day.
3. U.S. holiday sales on track amid online boost
U.S. holiday shopping is on track for a modest 3.7% rise this year after strong turnout during the Thanksgiving and Black Friday weekend and thanks to strong online sales, the National Retail Federation said on Sunday after releasing an annual consumer poll.
4. IMF set to make China's yuan a reserve currency
The International Monetary Fund is expected to grant China's yuan reserve currency status at an executive board meeting Monday, in a decision that will elevate the renminbi (USD/CNY) and China's influence in the global economy.
The group's benchmark currency basket, also known as special drawing rights, so far contains the U.S. dollar, euro, British pound and Japanese yen.
Although the decision is likely to be announced later today, the yuan will not officially become a reserve currency until September 2016.
5. World leaders gather for UN climate conference
Leaders from nearly 150 countries gathered in Paris this weekend to discuss a possible new global agreement on climate change. The conference, known as COP21, starts on Monday and will try to craft a long-term deal to reduce greenhouse gas emissions.