The week has started with drama as weak data and low commodity prices have prompted a sell-off of equities in Asia, led by China where the main Shanghai index fell 8 per cent. Of the major Asian indexes only Sydney managed to close higher Monday. This week’s meeting of the Fed’s monetary policy committee is also in focus with interest rate rises edging closer. European markets have been hit by the Asian sell-off and all the major indexes are trading lower so far.
US stock futures are trending lower. Oil is trending lower (Brent $54.10, WTI $47.82 at 6.20am ET) Gold is trending higher.