Key News Overnight:
US stocks fell overnight to a three-week low as rising pessimism that trade tensions with China will persist had caused technology and multinational companies to tumble. The Dow Jones fell 1.2% to 24,404 and the S&P 500 slipped 1.4% to 2,633;
Senate leaders have agreed to vote on rival proposals for reopening the US government since the shutdown last month. Lawmakers are considering a Democratic proposal including $5.7bn for border wall funding and would keep agencies open until February 8;
Oil plunged by the most in almost a month following concerns over US – China trade talks and the US housing market. Brent crude fell 2.0% to US$61.50/bbl;
India’s oil demand forecast is expected to rise by more than last year’s 245,000 bpd, making it the second-largest growth centre after the US;
Industrial metal prices are expected to dip this year due to heightened concerns over global and Chinese economic growth prospects. Nickel fell the most overnight on the LME, by 1.9% to US$ 11,517/t
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