Stocks hover near recent highs Monday 10:00 GMT. Many major stock barometers are lurking at or near recent cyclical highs, though the week has started in cautious mood as trading is thinned by Lunar New Year holidays. The FTSE All-World equity index is down 0.1 per cent as the dollar index rises fractionally and gold falls $5 to $1.662 an ounce. US 10-year Treasuries are weaker, with yields up 2 basis points to 1.97 per cent. Industrial commodities are mixed, with copper up 0.1 per cent to $3.76 a pound but Brent crude falling from its most expensive in nine months to shed 37 cents to $118.53 a barrel. The FTSE Eurofirst 300 is off its lows but down 0.1 per cent and US index futures suggest Wall Street's S&P 500 will open basically unchanged at 1,519. With little in the way of fresh catalysts early in the global session, investors seem content to continue absorbing the generally bullish drivers that have contributed to the S&P closing on Friday at its best level in more than five years. Indeed, better economic news out of the US and China (including robust trade data), a mostly well-received corporate earnings season and ongoing ultra-loose monetary policy from developed nations" central banks, have all helped push the US stock benchmark to within 3.1 per cent of a record high. A wobble last week, caused by a burst of worries about the eurozone's political and fiscal fragility, appears to have subsided for now and that is also contributing to the calmer tone. The euro is up 0.3 per cent to $1.3398 - though it is notable that the implied borrowing costs of Spain and Italy remain only several basis points or so below the levels to which they spiked when concerns about the Rajoy government and upcoming Italian election, respectively, hit the markets. One important factor that is contributing to a timid start for the European session is the paltry action out of Asia as many countries take a break for the Lunar New Year. China, Hong Kong, Singapore and South Korea were among those financial centres on holiday. Sydney was trading but fell 0.2 per cent from a 34-month closing high, and India's Sensex is down 0.1 per cent. One issue for traders to focus on is this week's upcoming G20 meeting. Investors will be particularly interested to see if any mention is made of "currency wars," the trend for nations to seek competitive advantage by depressing the value of their currency. Japan has been in the spotlight in this regard, with the yen falling sharply in recent months as the new government is seen promoting a strategy to tackle deflation. The Japanese unit is falling again on Monday, off 0.6 per cent to Y93.23.