Quiet morning as the market seems totally focused on the FED’s meeting on Wednesday. The Dallas Manufacturing index is out at 3:30GMT which will have a small effect on the FED’s decision later in the week.
Oil prices tumbled 3 per cent today, but world stocks clung onto gains in a sign of stabilisation after a terrible start to the year. Crude oil prices fell 3 per cent as Iraq announced record-high oil production feeding into a heavily over supplied market, wiping out much of the gains made in one of the biggest-ever daily rallies last Friday.
Some low tier Chinese import data is all that is out overnight ahead of Mark Carney speaking at 10:45 tomorrow morning so keep an eye out for that and expect some volatility mid-morning. There is also a raft of US PMI data tomorrow afternoon.
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