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By Bloomberg

August’s first full day of trading showed no let-up in July’s major themes -- oil led commodities lower, currencies of resource-rich countries fell, Chinese stocks slid on economic concerns and European equities rose on earnings. Greek shares slumped as a five-week market suspension ended.

Brent crude dropped 3 percent to $50.60 as of 8:47 a.m. in New York, following the biggest monthly slump in almost seven years, while aluminum fell to the lowest since July 2009. The ruble slipped to the weakest since March, alongside declines for the Canadian and Australian dollars. The Stoxx Europe 600 Index rose for a fifth day, as the Athens stock benchmark plummeted 16 percent and the Shanghai Composite Index added to its worst monthly drop since 2009.

Commodities dropped after an official gauge of Chinese manufacturing slid to a five-month low and Iran said it will be able to bolster crude production within a week of sanctions ending. HSBC Holdings Plc and Heineken NV gained after results surpassed analyst expectations, while U.S. data showed household spending rose in June. National Bank of Greece SA tumbled by a 30 percent daily limit as the Athens exchange reopened following a halt during the country’s economic crisis.

“It’s been quite brutal in Brent crude,” Bjarne Schieldrop, Oslo-based chief commodities analyst at SEB AB, said by phone. “If you look at industrial metals, it’s clearly a sign of bearish China sentiment.”

Aluminum fell 0.6 percent in London to $1,608 per metric ton. Nickel tumbled 2.5 percent and copper lost 1.1 percent. The Bloomberg Commodity Index is at the lowest since 2002.

Russia Rate Cut

Russia’s ruble weakened 1.7 percent to 62.79 versus the dollar, following a central bank interest-rate cut on Friday. The currency lost 10 percent in July, the most among developing- nation peers.

Canada’s dollar sank to its lowest level since 2004 after plunging oil prices that shrank the economy helped prompt Prime Minister Stephen Harper to call an early election. The currency slid as much as 0.7 percent to C$1.3176 against the dollar. The Australian and New Zealand dollars were within one cent of the weakest levels since 2009.

Combined net short positions -- those that benefit when prices drop -- for the Canadian, Australian and New Zealand dollars against the greenback increased last week to the most since January 2014, according to data from the Washington-based Commodity Futures Trading Commission.

Iran can raise oil output by 500,000 barrels a day within a week of the end of sanctions, according to comments by Oil Minister Bijan Namdar Zanganeh reported by the state-run Islamic Republic News Agency.

U.S. household spending rose 0.2 percent in June, following a 0.7 percent increase in May, Commerce Department figures showed Monday. That matched the median forecast in a Bloomberg survey of economists.

Europe Stocks

The Stoxx 600 climbed 0.8 percent, after gaining 4 percent last month, the most since February. Heineken added 5 percent, aided by first-half sales that exceeded analyst projections. HSBC, Europe’s largest bank, rose 0.6 percent after reporting higher profit and agreeing to sell its Brazilian unit.

S&P 500 Index E-mini futures expiring in September were little changed, following the index’s 2 percent increase last month. American International Group Inc. is one of 17 S&P 500 companies reporting earnings on Monday. Among the 353 index members to have reported results this season, 74 percent beat analysts’ profit estimates, while half topped sales projections.

The MSCI Emerging Markets Index fell 1.2 percent, after last month declining the most since September. The Borsa Istanbul 100 Index lost 1.6 percent, following after a 1.5 percent rebound last week. The Shanghai Composite Index sank to a three-week low and Hong Kong’s Hang Seng China Enterprises Index slid 1.1 percent to the lowest since Dec. 1.

Investors pulled a net $4 billion from U.S. exchange-traded funds that invest in emerging markets last month, the most since January 2014. China and Hong Kong led the withdrawals.

German government bonds fell as final readings showed manufacturing expanded more than initially estimated last month in the country and the wider euro region. Ten-year yields rose from the lowest in more than three weeks, climbing one basis point to 0.65 percent.

Treasuries fell for the first time in three days on speculation data this week will back the case for the Federal Reserve to raise interest rates as soon as September. The 10- year note yield increased one basis point to 2.20 percent.