Morning all.. Wall St closed lower last night as oil fell with the S&P down 0.53%. There are still concerns as to whether OPEC can come up with a cut in output. WTI oil was down another 1.25% over night. FX markets were extremely quiet last night with USD drifting lower before bouncing into the close. EUR was lower as the dollar gained late in the session. Telegraph (citing Italian banking sources): Italian government may need €40bn ESM bank bailout. Similar story with GBP and again this looks rather range bound. BoE’s Vlieghe (Dove): hiking rates to slow inflation would cost jobs, no appetite on MPC for higher rates at present; effect of FX on inflation will likely be temporary; current level of rates is appropriate; BoE has other tools which were used in August if the event of another downturn; BoE has lots of space to tighten but only a little room to ease further if needed in the future, important consideration for MPC; expects UK growth to slow to ~1.5% next year. US yields did very little overnight and the 10yr sits at 2.31%. This morning we get French GDP and consumer spending, Regional and national CPI from Germany starting with Saxony, UK Government borrowing and EU Consumer confidence..Good luck..