Gold climbed for a fifth day, the longest rally of the year, after the metal last week posted the biggest price slump in three decades. Oil rose and energy and raw-material producers led U.S. stocks higher.
European stocks fell to a three- week low, led by a selloff in banks, as the leader of Italy’s Democratic Party ruled out the possibility that rival politicians will agree on a broad coalition government.
UniCredit SpA and Intesa Sanpaolo SpA, Italy’s biggest banks, may struggle to boost profit as political gridlock threatens to increase borrowing costs, worsen an economic contraction and drive up bad loans.
Pier Luigi Bersani, leader of the winning coalition in Italy’s elections, appealed to populist Beppe Grillo to show he’s willing to help govern after the inconclusive vote forced leaders into coalition building.