SHANGHAI, Dec 8 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The dollar fell against most currencies on Monday in choppy trading, as investors looked past the surge in coronavirus cases and ahead to a possible new COVID-19 U.S. stimulus deal and vaccines to fight the virus.

White House economic adviser Larry Kudlow on Monday said talks on another round of stimulus funding to deal with the deadly coronavirus pandemic are moving in the right direction, and President Donald Trump’s administration and Congress are getting closer to agreement.

On Wall Street, stock futures fell on Monday night as traders kept an eye on negotiations for additional fiscal stimulus while the U.S. coronavirus caseload continues to rise.

Dow Jones Industrial Average futures dipped 101 points, or 0.3%. S&P 500 and Nasdaq 100 futures also lost 0.3%.

Republican and Democratic leaders said Monday that Congress is trying to extend government funding for an additional week to try and strike a deal on new Covid-19 aid. The news came after a bipartisan group of senators unveiled a $908 billion stimulus proposal last week.

Oil prices slipped on Monday as the positive impact from COVID-19 vaccine news and an OPEC+ deal on oil production cuts was undermined by surging coronavirus cases and heightened tensions between the United States and China.

Brent crude fell 46 cents to settle at $48.79 per barrel, while U.S. West Texas Intermediate crude settled 50 cents, or 1.08%, lower at $45.76 per barrel.

Prices also were under pressure after news came that the United States was preparing to impose sanctions on at least a dozen Chinese officials over their alleged role in Beijing’s disqualification of elected opposition legislators in Hong Kong.

Gold gained more than 1% to a two-week high on Monday, bolstered by expectations of fresh fiscal stimulus in the United States.

Spot gold prices were 1.3% higher at $1,860.49 per ounce, after rising to their highest level since Nov. 23 at $1,868.25 earlier. U.S. gold futures settled up 1.4% at $1,866.

On the coronavirus front, more than 14.8 million coronavirus cases have been confirmed in the U.S., according to data from Johns Hopkins University. The country’s daily infection rate, as a seven-day average, is also at an all-time high.

This latest spike in Covid-19 cases has led several states and cities to reimpose stricter social-distancing measures. New York Gov. Andrew Cuomo said Monday that New York City could lose indoor dining next week, adding that more severe restrictions would be imposed if hospitals reach a critical point.

Meanwhile, Britain was set to become the first country to roll out the Pfizer/BioNTech COVID-19 vaccine this week.

The U.K. and EU are making last efforts to reach a post-Brexit trade deal this week, with Britain’s chief negotiator going to Brussels on Sunday in a bid to salvage talks that had to be paused on Friday, due to outstanding issues that remain to be resolved, including fishing rights and competition rules.

British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen spoke on the phone on Saturday in an effort to revive talks and instructed their teams to resume negotiations. Another conversation is due on Monday afternoon.

Economic data slated for release today include France October trade balance, and Eurozone third-quarter GDP after seasonal adjustments and ZEW economic climate index for December.