Shares under pressure on global outlook Monday 08.00 BST. Growth-sensitive assets are starting the week on the back foot as investors remain concerned about the global economy in spite of Friday's upbeat US jobs data. The euro is weaker as uncertainty over whether Spain might ask for a bailout, in the wake of continuing anti-austerity protests, highlights the lingering, sentiment -sapping effect of the eurozone fiscal crisis. Moves across asset classes are characteristic of "risk-off" trading. The dollar index is up 0.3 per cent, helping pushing gold down $9 to $1,771 an ounce. The bullion last week hit $1,796, its highest in 11 months. Industrial commodities are weaker, with copper off 1.3 per cent to $3.73 a pound and Brent crude losing 82 cents to $111.20 a barrel. The US Treasury market is closed for Columbus Day, so German Bunds are the main "haven" focus, with prices higher and yields falling 3 basis points to 1.49 per cent. The FTSE All-World equity index is down 0.4 per cent as the FTSE Eurofirst 300 slips 0.7 per cent at the open and after the Asia-Pacific region - excluding Japan, which was closed for a holiday - fell 0.8 per cent. US futures suggest Wall Street's S&P 500 will start its session with a fall of 0.2 per cent. New York's benchmark had flirted with a near five-year peak on Friday after a better than expected US jobs report raised hopes that the world's biggest economy was gaining traction. But gains were lost by the close - a factor that is damping spirits in Europe on Monday - as the impetus derived from recent central bank easings waned, and after investors were reluctant to push equities higher still given concerns about growth worldwide and the upcoming corporate results season. Those issues continue to give traders cause for caution. The global economic recovery is "on the ropes," according to the latest Tiger index, while the World Bank has cut its forecasts for growth in the East Asia and Pacific region, warning that slowing activity in China could be sharper and last longer than the market currently thinks. China's stock market has returned from a week-long holiday to fall 0.9 per cent and the Hang Seng in Hong Kong is off 0.6 per cent. The US third-quarter earnings season kicks off proper with results on Tuesday from Alcoa, the aluminium producer. Analysts expect S&P 500 third-quarter earnings to fall 2.4 per cent compared with the same period last year, according to Thomson Reuters. "However, worse than normal results from the earnings pre-season suggest earnings disappointments may be ahead," Reuters warns. Meanwhile, investors will also have an eye on the latest developments in the eurozone, in a week that sees German chancellor Angela Merkel visit Greece. Discussions between Athens and its creditors regarding aid conditions are continuing. European finance ministers meet on Monday as the region is seen falling back towards recession. Traders are waiting to see if Spain will ask for a full sovereign bailout and trigger European Central Bank intervention in the bond market. The threat of ECB action has already pushed Madrid's two-year borrowing costs down sharply from the 7 per cent level seen in July. However, the yield is currently up 12 basis points to 3.17 per cent and the euro is down 0.3 per cent to $1.2988. Another factor that could be suppressing investor confidence is a belief that the US jobs numbers will trim the duration of the Federal Reserve's quantitative easing programme. "The market reaction to the strong US employment report suggests that the recent stretch of strong US data may lead it to reprice the amount of asset purchases the Fed conducts going forward," said Barclays analysts in a note. We are reminded that central bank policy, especially the Fed's, remains crucial to the constructive risk environment.