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

UK 100 Index called to open -12pts at 6045, having again exited its August rising channel and maintaining the December downtrend. Note, however, round number 6000 acting as support this morning. We’re still looking for confirmation of either a new, steeper falling channel or a shallower rising one... Watch levels: Bullish 6170, Bearish 5900.

The lukewarm opening call comes after Asian bourses followed their US counterparts lower again as continued declines in the commodities sphere and global growth concerns weighed. In Sunday’s Spanish election, the ruling People's Party won most of the votes but fell short of a majority which heralded weeks of talks to form a coalition government, with neither Prime Minister Mariano Rajoy's conservatives nor left-wing parties winning a clear mandate to govern. Watch out for European uncertainty weighing on markets in the run up to Xmas, then.

Stateside, the Fed is still chatting interest rates (we hoped we could all move on…) with regard to the pace of tightening. While much talk still abounds of 'live meetings' and nothing being set in stone, an eagerness to get us used to the idea of four further hikes in 2016 sounds a bit mechanical for our liking.

In focus on a quiet Monday will be the fallout from the Spanish Election while Eurozone consumer confidence is seen  slightly improved later on.

Brent Crude has fallen to its lowest level since 2004, with crude prices in general having tanked following ‘only hope’ OPEC’s decision not to cut production. Friday’s Baker Hughes rig count compounded woes with 17 more US drilling rigs adding to global oversupply.

Softer equity markets have spurred Gold which is back testing $1070 again, with holiday season upon us in the UK, Europe and the US, expect low volumes and potential risk off moves to support safe havens such as Gold.

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

• Dairy Crest buys Promovita for £6mn

• Gemfields generates $28.8mn from Singapore auction

• Hammerson sells a mall located in Newcastle

• Evocutis names Hamish Harris as chairman

• TT Electronics buys Aero Stanrew Group for £42.2mn

• Shell sees shareholder meetings to approve combination with BG on Jan 27 – 28

• Sirius Minerals says H1 loss narrowed to £4.7mn

• John Wood Group says buys oil services co Kelchner Inc

• Netplay confirms in deal talks with Sportech