The main US equity market averages are now being called to start the day with average falls of 0.5 per cent ahead of talks - this afternoon - between President Obama and Republican leaders and ahead of the release of a barrage of macroeconomic data.

Personal income and spending figures out before the opening-bell did come in weaker than forecast, showing a 3.6% month-on-month drop (Consensus: -2.5%).

Electronics retailer Best Buy is rising after having announced better than expected quarterly figures. Credit Suisse has lowered its earnings estimates for tech-giant Apple.

The University of Michigan is due to release the results of its monthly consumer confidence gauge at 14:55, followed by the ISM manufacturing sector purchasing managers index at 15:00.

Yields on 10 year US Treasury bonds are now down by 2 basis points to the 1.85% mark.

Front month West Texas crude futures are now falling by 1.06% to the $91.10/barrel mark in NYMEX trading.

AB

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