This morning, the London blue-chip index was up and down, weighed down by oil majors.

Investors are awaiting the US monthly producer prices index (PPI) to get more clues about the path of inflation and the Fed's monetary policy. The central bank is due to unveil a new rate hike next week, which is widely expected to be a 0.5% increase.

Meanwhile, Britain's finance ministry has just unveiled plans today to reform the financial sector, a which includes a plan to scrap and amend rules that were implemented when Britain was in the EU.

"The government's approach to reforming the financial services regulatory landscape recognises and protects the foundations on which the UK's success as a financial services hub is built: agility, consistently high regulatory standards, and openness," the finance ministry said in a statement.

In other news, the Financial Conduct Authority announced that it had fined Santander UK £107.7 million for several failures in its anti-money laundering controls between 2013 and 2017.

 

Things to read today:

Light needs shedding on the dollar swaps black hole (Financial Times)

Two More ECB Rate Hikes Seen Before QT Goes Live Early Next Year (Bloomberg)