Overnight surprises have had a significant impact on trading that could continue into today's action. President Trump surprised the world overnight by firing FBI Director Comey. This news has reminded the street that the current political environment in the US is unpredictable and that being complacent is dangerous. Gold has bounced back a bit in recognition that just because France turned out the way the street wanted, it's not all going to be smooth sailing ahead politically. US index futures and continental indices are trading lower this morning on the Trump news. The one exception has been in the UK where the FTSE and Sterling are both up today. There have been reports of dissent in Labour that could lead to the formation of a breakaway faction should Corbyn try to stay on after the vote. This plus strong polling leads for PM May has boosted expectations of a decisive conservative win in next month's vote. Crude oil has been rallying overnight with both WTI and Brent gaining over 1.0%. API reported a 5.3 mmbbl drawdown in US inventories suggesting the supply-demand balance may be finally starting to improve. Today's DOE mid-morning reports may attract significant attention from traders looking for confirmation. Earnings may also spark trading action today. In Canada, Valeant may remain active as traders digest yesterday's 25% gain. Sun Life disappointed on earnings but raised its dividend. In The US, Disney declined in aftermarket trading as a sales miss and struggles with falling viewers amid rising costs at ESPN overshadowed strong earnings. Electronic Arts and Nvidia both beat the street by a wide margin. Corporate News Walt Disney $1.50 vs street $1.41 Electronic Arts $1.81 vs street $1.63 Nvidia $0.85 vs street $0.68 Sun Life $0.93 vs street $0.95, 3.6% dividend increase Economic News Significant announcements released overnight include: US API crude oil inventories (5.8 mmbbls) China consumer prices 1.2% vs street 1.1% vs previous 0.9% China producer prices 6.4% vs street 6.7% France industrial production 2.0% vs street 0.6% Italy industrial production 2.8% vs street 2.5% Greece industrial production 8.7% vs previous 10.8% Upcoming significant economic announcements include: 10:30 am EDT US DOE crude oil inventories street (2.0 mmbbls) 10:30 am EDT US DOE gasoline inventories street 0.2 mmbbls 10:30 am EDT US DOE distillate inventories 12:00 pm EDT FOMC Rosengren speaking 5:00 pm EDT Wed RBNZ interest rate 1.75% no change expected 9:00 am NZST Thu CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.