Charting the Markets: Focus Shifts From the ECB to the Fed

Global stocks are little-changed on Monday, with the after-effects of last week's European Central Bank meeting and U.S. jobs report still being felt. U.S. employers added a forecast-beating 211,000 positions in November, while the previous month's figure was revised up to a gain of 298,000. Asian equities are taking their cue from the biggest jump in the S&P 500 Index since Sept. 8. Investors have only another nine days until the Federal Reserve announces what could be the first rate hike in almost a decade. European stocks rebounded from the biggest weekly drop since August.

After the biggest one-day surge in over six years on Thursday, the euro is falling for a second day. On Friday evening ECB President Mario Draghi defended his measures, saying Thursday's package wasn't "meant to address market expectations." He also stressed the ECB is ready to do more if needed. A stronger dollar has been one of the reasons the Fed has been reluctant to raise interest rates, as it makes American companies less competitive internationally and damps prices on imports. Last week a Bloomberg gauge of the dollar against 10 of its leading global peers had its biggest weekly drop in two months, making it a little easier for the Fed to raise interest rates next week.