Asian overnight: Japanese markets have led the way overnight, in a session that has been overwhelmingly bullish. The rise of crude prices has helped drive energy stocks higher, with the weekend decision from OPEC to retain current levels of output still being felt. The FOMC also remains a driver of price action, with the dollar continuing to gain ground overnight. A meeting between Japanese PM Shinzo Abe and Donald Trump appeared to go off without a hitch, helping avoid any trade conflict. Japan was also in focus when it came to overnight data, with a rise in Tokyo core CPI and retail sales boosting the economic picture despite a disappointing industrial production number.
UK, US and Europe: Looking ahead, current account balance and final GDP for the UK could bring some attention to the pound. However, the big European figure of the day comes from the eurozone, where the flash CPI reading should heighten euro volatility. In the US session, keep an eye out for the core PCE price index, personal spending, and Chicago PMI figures. Meanwhile, the CAD should experience some volatility with the release of their latest GDP figure.
Economic calendar - key events and forecast (times in BST)
Corporate News, Upgrades and Downgrades
Direct Line upgraded to overweight at JPMorgan
Ekinops SAS upgraded to buy at Kepler Cheuvreux
H&M upgraded to hold at SocGen
Golden Ocean upgraded to buy at SEB Equities
EON downgraded to hold at SocGen
H&M downgraded to hold at Kepler Cheuvreux
S Immo cut to accumulate at Erste Group
Tele2 downgraded to hold at SEB Equities
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