Stock markets in Europe and North America are consolidating Monday's rallies with Dow and SPX futures plus the FTSE holding on to their gains. The Dax is closed while the IBEX is down another 0.75%. Currencies and crude oil have also stabilised for the most part. The Hang Seng gained 2.2% in a big catch up rally on its return to trading while mainland China markets remain closed.

The UK is in the spotlight today with Sterling still under pressure against both USD and EUR. UK construction PMI came in below expectations and fell below 50 into contraction territory. This bad economic news comes on a big day for Brexit. The EU Parliament is debating whether it can recommend Brexit talks proceed from the first phase (divorce settlement) to the second phase (future trading relationship) ahead of the EU leaders summit later this month.  

Despite UK PM May's recent conciliatory speech, it appears the EU doesn't think enough progress has been made although more talks are scheduled for next week.  Meanwhile at the UK Conservative Party conference, Foreign Minister Boris Johnson indicated he backs every syllable of her speech crushing rumours of a rift between them.  

It's otherwise an in-between day for market news, sitting between Monday's PMI reports and the employment numbers due layer in the week.

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