Oil prices surge as China's economy slows

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Oil prices surge as China's economy slows

Stock market futures were modestly lower on Monday as oil prices surged and China s economy slowly slowed.

Dow Jones Industrial Average futures fell 90 points, or 0.25%, while S&P 500 futures and Nasdaq 100 futures lost 0.26% and 0.28% respectively.

The Chinese economy grew in July to September from a year earlier, up from 7.9% in the previous quarter, as ongoing supply bottlenecks and the Evergrande debt crisis weigh on confidence. In December 2006, Refinitiv had surveyed 80% of the economists expecting growth.

In stocks, oil companies, including Chevron Corp. and Diamondback Energy Inc. rallied as West Texas Intermediate crude oil surged $1.35 to $83.63 a barrel, a seven-year high. Gold, meanwhile, lost $5.20 to $1,763. 10 drops in an ounce.

Elsewhere, financials were in focus as the yield on the 10 year note climbed 3 basis points to 1.6% and was holding near a four-month high.

The companies reporting their quarterly results later this week are Johnson Johnson, Netflix Inc and Tesla Inc. Among the companies reporting their quarterly results later this week.

German bourses were lower across the board with Britain's FTSE 100 falling 0.26%, France's DAX 30 declining 0.63% and Germany's CAC 40 falling 0.89%.

In Asia, China's Shanghai Composite Index and Japan's Nikkei 225 lost 0.12% and 0.15%, respectively, while Hong Kong's Hang Seng index lost 0.31%