SHANGHAI, Dec 6 —This is a roundup of global macroeconomic news last night and what is expected today.

The dollar gained against the yen, the euro and the pound on Monday after data showed that U.S. services industry activity unexpectedly picked up in November, prompting speculation the Federal Reserve may lift interest rates more than recently projected.

The Institute for Supply Management (ISM) said its non-manufacturing PMI increased to 56.5 last month from 54.4 in October, indicating that the services sector, which accounts for more than two-thirds of U.S. economic activity, remained resilient in the face of rising interest rates. Economists polled by Reuters had forecast the non-manufacturing PMI slipping to 53.1.

The survey followed on the heels of stronger-than-expected job and wage growth data for November released last Friday. Consumer spending also accelerated in October.

The upbeat reports have raised optimism the economy could avoid recession next year, with growth just slowing sharply, while also spurring speculation about how high rates will rise.

Stock futures are trading up slightly Monday night as investors tried to shake the previous session’s selloff.

Futures tied to the Dow Jones Industrial Average added 35 points, or 0.1%. S&P 500 futures and Nasdaq-100 futures both gained 0.1%.

Monday’s close marked a negative start to the trading week. The Nasdaq Composite led the downward charge, dropping 1.93% to end the session at 11,239.94. The S&P 500 shed 1.79% to end at 3,998.84, followed by the Dow’s 1.4%, or 482.78 points, slide to 33,947.10.

Oil prices fell on Monday, following U.S. stock markets lower, after U.S. service sector data raised worries that the Federal Reserve could continue its aggressive policy tightening path.

Brent crude futures were down $2.57, or 3%, at $83 a barrel. West Texas Intermediate crude (WTI) fell $2.67, or 3.3%, to $77.32 a barrel. Both benchmarks had earlier risen more than $2, reversing direction.

Gold prices beat a sharp retreat on Monday as the dollar shot back up on bets that strong U.S. economic readings may give the Federal Reserve fodder to accelerate rate hikes.

Spot gold dipped 1.7% to $1,767.86 per ounce after touching its highest since July 5 at $1,809.91 earlier in the day. U.S. gold futures dropped 1.6% to $1,780.50.

The pan-European Stoxx 600 ended 0.4% lower, with most sectors in negative territory. Food and beverage stocks shed 1.5% to lead losses, while basic resources gained 0.6%.