07:35am   This is the last Market Update/Trading Diary until the end of the week as I am away this afternoon for a quick holiday.

Market Update:

The overnight session was mixed with the Chinese Shanghai Composite and the Japanese Nikkei 225 ending marginally down but the HangSeng and Australian ASX finishing positively – Friday’s U.S. session did not give the markets much cause for optimism as it sold off for most of time as Janet  Yellen’s remarks earlier in the week about the imminent rate rise from the Federal reserve. European markets this morning are expected to be broadly bearish although the first hour is mixed but will settle down once all the overnight orders are filled. Also on traders minds is the U.S. Non Farm Payroll numbers on Friday – if the jobs growth continues to be positive then the market will expect an earlier rate rise from the Fed so good news will be bad once again.

Oil values are under pressure once again even though there has been a significant drop in U.S. drilling activities, traders are still worried about the global economy as a whole which will affect demand. U.S. WTI Crude is currently sitting at $45.25 with a strong support level at $37.75.