Markets tepid as the US day begins
It was a wild ride in markets on the first day of the year and the Georgia runoff results will lead to another bout of volatility but we're in between the two events at the moment and that has a lid on a few things.
Oil is higher though and we will get a decision from OPEC today, baring another delay. I expect the meeting was extended so Russia's Novak could talk with Putin about rolling over the current quotas.
As for Georgia, I'll have lots more on that as the day goes on but I disagree entirely with the idea that a Democratic win is bad for equities.
In terms of data, the lone US indicator is the US ISM manufacturing report. Yesterday's Markit data was strong and I see upside risks to the 56.7 consensus, particularly in the prices paid component. We hear from the Fed's Williams at 2045 GMT.
