UK 100 Index called to open flat -15pts at 6825, still in a 2-week shallow uptrend. However, Friday’s inability to break above 6850, and falling highs since last Wednesday’s peak, could put this channel in jeopardy. Bulls need a breakout to 6860 to restore faith that 6900 can be regained. Bears require rising lows at 6810 to be breached. Watch levels: Bullish 6845 (overnight highs), Bearish 6815 (Friday’s lows).

A negative European open stems from a mixed Asian session at odds with another grand slam record highs close on Wall Street. Sentiment is troubled by production-cut scepticism (something meaningful, at least) ahead of Wednesday’s OPEC meeting in Vienna coupled with revived political uncertainty as Clinton joins Green Party calls for an election recount in several US states. Even an acceleration in China Industrial Profits growth is failing to help anywhere but domestically.

Overnight, Japan’s Nikkei is in the red as the US Dollar Index continues to pull back from Thursday’s record highs to send the Yen higher to hurt exporter names. Note Australia’s ASX underperforming, well off side in spite of the weaker US dollar helping metals prices surge to support Miners (watch dual-listed London Miners) as oil and Energy weigh heavily.

Oil prices may be off their Friday lows, but with the OPEC meeting so close, and after Friday’s sharp sell-off, Energy names across Asia are suffering. This after OPEC officials said Saudi Arabia won’t attend a prep meeting today with Russia and others ahead of the cartel’s official meeting even going as far as to suggest the group doesn’t need necessarily to curb output. Here we go. Buckle up.

US equity markets reopened on Friday for a shortened day of trading, continuing where they left off on Wednesday as the three major indices alongside small-cap Russell 2000 all finished the week by closing at record highs once again. The Tech sector rebound continues having initially suffered after the presidential election, however falling crude oil prices left the Energy sector as the worst performer.

Despite a technical rebound from August rising lows support helped by USD weakness, Crude Oil prices (US $46/Brent $48) are hanging in the balance before Wednesday’s meeting of OPEC members to negotiate a cut to production. Today’s meeting between OPEC and non-OPEC producers will be significant, albeit for the wrong reasons as Saudi Arabia’s absence draws the headlines. Expect running commentary throughout the day and week to increase the price volatility of both Brent and US crude and Energy names.

Gold is trading in a tight rising trend trading channel as the US Dollar falls in early trading, however the outlook for the safe haven asset is bleak as the December meeting of the US Fed FOMC (and rate hike) draws nearer. Key support at $1185 will be eyed by investors, with a breach this week likely paving the way for a fall to fresh 9-month lows of $1150.

In focus today - another quiet one for macro data - will be Italian Consumer and Manufacturing Confidence at 9am, expected flat at 2016 highs and in continued decline, respectively. The Dallas Fed Manufacturing Index at 3.30pm is forecast to regain a positive handle for the first time since Dec 2014, continuing its recovery from January’s near 7yr lows.

In terms of speakers/reports, listen out for what the ECB’s Praet has to say on “Challenges to Economic Integration at the European level” at 9am. Then we have the OECD Economic Outlook at 10am and the ECB’s Coeure speaking in Athens at 12.15pm. The main events are, however, likely to be introductory statements from ECB President Mario Draghi at the European Parliament at both 2pm and 4pm, especially with less than 10 days to go before the ECB monetary policy update.

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

• Grainger says to buy properties worth circa £46m
• Lavendon asks shareholders to take no action on Loxam approach
• Capital & Counties says on track to achieve Dec 2017 rental target
• Aberdeen Asset Management FY revenues down 14%, hit by outflows
• Cerillion says signed follow – on contract worth $2.8m
• Britain's JD Sports buys Go Outdoors for £112m
• British payments processor Worldpay and Verifone announce strategic partnership
• WH Ireland enters relationship agreement with largest shareholder
• Dunelm Group agrees to buy Worldstores, Achica units for £8.5m
• Kaupthing to put UK's Oasis and Warehouse up for sale
• Asia Pacific Investment Partners plans to float on AIM
• Antofagasta sells Michilla mine in Chile for $52m
• Oil prices fall over doubts of planned crude output cut