Markets Overview: (Source: Bloomberg, FT, Reuters, DJ Newswires)

UK 100 called to open higher by +9pts at 6758, after the European Central Bank President Mario Draghi’s dovish comments and also a surprise cut to the Chinese interest rate.

U.S. markets advanced to all-time closing highs with the Dow Jones adding 0.51% to close at 17,810. The S&P 500 added 0.52% to close at 2,063.50. This following on from Mario Draghi’s comments also.

The Hang Seng jumped 1.93% to close at 23,890.28 its biggest daily gain this year after the one-year lending rate was reduced by 0.4 percentage points to 5.6%, while the one-year deposit rate was lowered by 0.25 percentage point to 2.75% as announced the People’s Bank of China (PBOC) on its website on November 21st.  The Shanghai composite as finished higher by 2.55% to close at 2,649.26.

Attention this week will be focused on GDP data due to be released tomorrow by Germany and also America, on Wednesday by UK and by Portugal, Italy, and Greece on Friday

In focus today at 9:00am we have German IFO data expected to come in a touch lighter than last month. On a pretty quiet day macro wise we head to the US for PMI data at 14:45pm. Speculation is still rife that the Chinese could still implement another rate cut to tackle deflation fears. With Central banks across the world ready to act, be prepared for the unexpected.

In commodities, Gold prices were aided by the surprise rate cut by People’s Bank of China (PBoC) on Friday, aiding the precious metal to hit above the $1,200 level. $1200 remains an interesting level and we now ask whether this momentum will see Gold heading back towards one-month highs of $1230?

Crude oil witnessed another positive session to round out the week on Friday. This followed a surprise stimulus announcement by the PBOC, which in turn bolstered anticipation over robust demand from the world’s second largest consumer of the commodity. All eyes will be on the OPEC meeting on Thursday and whether we hear any more updates with regards to supply.

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Key Overnight Macro Data: (Source: Reuters/DJ Newswires)

• NZ          Net Migration s.a             IN-LINE

See Live Macro Calendar for full data line-up, incl. consensus expectations

UK Company Headlines: (Source: Reuters/DJ Newswires)

• •             Sound Oil PLC Antrim Energy Inc – Intended offer for Antrim Energy Inc.
• •             Salamander backs Ophir takeover offer
• •             Standard Chartered names senior heads in retail clients division
• •             Petrofac expects 2015 net profit of about $500 mln
• •             Friends Life suspends buyback programme until potential Aviva offer terms agreed
• •             Cranswick H1 revenue drops to 481.5 mln stg
• •             Origin sees FY EPS in line with consensus