Markets worry about North Korea and recent global cyberattack.
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Market players got anxious on developments in North Korea, which successfully conducted a newly developed mid-to-long range missile test on Sunday aimed at verifying the capability to carry a "large scale heavy nuclear warhead."
The test was a significant advance in North Korea’s drive for an intercontinental ballistic missile capable of carrying a nuclear warhead and reaching the U.S. mainland.
The United Nations Security Council is due to meet on Tuesday to discuss North Korea's latest missile launch, diplomats said on Sunday, which was requested by the U.S. and allies South Korea and Japan.
Cybersecurity experts said the spread of a ransomware worm dubbed WannaCry had slowed on Monday, but that the respite might only be brief as more people around the world return to work and turn on their computers.
The cyberattack, which lock up computer systems until the victims pay a ransom, has infected more than 200,000 computers in more than 150 countries over the weekend.
Microsoft on Sunday pinned blame on the U.S. government for not disclosing more software vulnerabilities. Among the highest-profile corporate victims were, French car manufacturer Renault and Spain's Telefonica.
Saudi Arabia and Russia, the world's two top oil producers, agreed on Monday to extend oil output cuts for a further nine months until March 2018 in a bid to erode a global crude glut.
In a joint statement that followed an earlier meeting in Beijing, Saudi energy minister Khalid al-Falih and his Russian counterpart Alexander Novak said they had agreed to prolong an existing deal by another nine months until March 2018.
The timing of the announcement ahead of OPEC's next official meeting on May 25 and the statement's strong wording sparked a sharp rally in crude prices.
U.S. crude jumped to a 2-week high of $49.09 a barrel, up $1.26, or around 2.6%, while Brent gained $1.30 to $52.14, the highest level since May 2.
China's growth took a step back in April after a surprisingly strong start to the year, as factory output to investment to retail sales all slowed down as authorities clamped down on debt risks in an effort to calm off a potentially damaging hit to the economy.
Factory output was up 6.5% in April from a year earlier, down from 7.6% in March, and fixed-asset investment rose 8.9% in the first four months of the year, off the 9.2% in preceding four-month period.
Analysts had predicted factory output would grow by 7.1% in April, and tipped fixed asset investment to rise 9.1%.
Meanwhile, Chinese President Xi Jinping over the weekend pledged $124 billion in fresh financing to support its “Belt and Road” infrastructure mega-program.