European Stocks Gain; Pound Hit by Brexit Discord: Markets Wrap

(Bloomberg) — European stocks climbed as analysts speculated the market could be relatively resilient to the tech-led downdraft in the U.S. The pound sank on concern the U.K. is inching closer to a no-deal Brexit.

The Europe Stoxx 600 rose Monday with broad gains led by automakers. Oil extended its retreat below $40 a barrel as a price cut by Saudi Arabia signaled fuel consumption is wavering in key markets. Futures on the S&P 500 Index turned higher. The dollar gained while Treasury yields were little changed.

Investors returning Tuesday from the U.S. Labor Day holiday will need to take stock of a rally that’s fizzling as doubts grow over positioning and valuations that look extreme. While futures on the broader U.S. stock index climbed Monday, those on Nasdaq were down 0.4% in the aftermath of the steepest weekly decline in global equities since June.

U.S. technology shares, which have

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