European Union

European stocks were flat after starting off strongly earlier, dragged lower by energy stocks. Asian stocks, U.S. futures little changed as oil tumbled with Brent tumbling as low as $45.85/bbl to the lowest intraday since November 30 and taking out a 38.2% Fib support, after a one-minute spike in volume to a day-high 5,208 lots just after 6am, with WTI mirroring Brent's momentum, and falling as much as 98c to $43.22, lowest since November 14.

• UK PM May says attack on Muslims near mosque is 'sickening' (Reuters)
• Macron Under Pressure to Deliver as French Turnout Plummets (BBG)
• Market Volatility Has Vanished Around the World (WSJ)
• Real victory will be in 5 years, says Macron camp after election win (Reuters)
• Brexit Talks Kick Off in Brussels as May Urged to Soften Stance (BBG)
• As Brexit Talks Begin, EU’s Chief Negotiator Wants to Remove Uncertainties (WSJ)
• U.S., Japan Probe Deadly Ship Collision That Left Seven Dead (WSJ)

S&P futures rose 0.3% in subdued trading with Dow Jones futs once again in record territory as European stocks jump 0.6% following Sunday's landslide victory for Macron's party in the French parliamentary elections and as Brexit negotiations are set to officially roll out on Monday.

By Chris at www.CapitalistExploits.at

Time is short so let me present to you one chart... to get you thinking in the right direction.

EUR/GBP

Ok, I lied. Two charts...

GBP/USD

Pound pounded. Whyfore?

Not one thing but many....

Brexit

The walls are closing in on UK's embattled prime minister Theresa May, who after the disastrous outcome in the general election, and following a torrid week in which she faced fierce criticism for her handling of the Grenfell Tower catastrophe, in which 58 people are now presumed dead, is reportedly facing what the Telegraph calls a "secret plot" - well, not so secret any more - involving a "stalking horse" challenge to remove her as prime minister if she caves to Labour demands, and waters down the "Hard Brexit."