Stock and bond futures advance as oil declines: Markets wrap

Stock and bond futures advanced as oil retreated, with traders looking past the latest attacks on Saudi Arabia that threatened to widen the war in the Middle East. Futures for the S&P 500 Index rose 0.3%, while those for Europe gained 0.5%. Asian equities lagged, with MSCI's regional stocks gauge dropping 0.2% as South Korean shares slid 2.9%. Brent crude dropped 0.8% to $103.91 a barrel after climbing to as high as $105.63 in early trade following weekend strikes by Yemen's Houthis on Riyadh's main airport. Geopolitical risks have returned to the fore after the Houthi attacks raised the prospect of a broader conflict and further disruption to energy supplies. With little sign of a near-term resolution to the crisis in the Strait of Hormuz, oil may remain a source of inflationary pressure ahead of price data in the US and Europe this week. There is no trading of cash Treasuries globally on Monday due to a US holiday. Elsewhere, India's rupee strengthened 1% after the central bank unveiled some of its strongest measures to support the currency since the 2013 taper tantrum.