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The US dollar rose on Monday, denting the price of commodities and raw materials stocks, as doubts about the sustainability of the rally in equities over the past few months unnerved investors.

China Taps IPO Brakes by Limiting Who Can Bid

To cool off its IPO market, China has stopped granting new licenses to financial institutions to allow them to bid alongside their counterparts for initial public offerings, said a person familiar with the situation.

In the past four months, the Securities Association of China hasn't issued licenses that would enable newly organized mutual funds, trusts and other types of money managers to participate in a process sometimes called "offline" subscription for IPOs, said the person.

Banco Santander SA said Monday it plans to raise as much as $7.25 billion through the initial public offering of its Brazilian unit, giving the Spanish bank more heft to take on rivals in Latin America's largest economy.

The transaction, if successful, would be the clearest sign yet that Santander's ambitious dealmaking in Brazil has started to pay off. It also underscores the growing importance of the unit for the Spanish lender as a profit driver and source for funding.

Banco Santander SA said Monday it plans to raise as much as $7.25 billion through the initial public offering of its Brazilian unit, giving the Spanish bank more heft to take on rivals in Latin America's largest economy.

The transaction, if successful, would be the clearest sign yet that Santander's ambitious dealmaking in Brazil has started to pay off. It also underscores the growing importance of the unit for the Spanish lender as a profit driver and source for funding.