The FTSE 100 is called to open 41 points lower at 7315. Major U.S. stock indexes ended mixed Thursday after an early rally lost its strength toward the end of the day. The S&P 500 managed to hold on to a tiny gain that extended its winning streak to a third day. The benchmark index, which is within 0.7% of its all-time high set July 26, ended the day slightly down for the week. Gains in health care, technology, utilities and othersectors outweighed losses elsewhere in the market Thursday. Advancers outnumbered decliners on the New York Stock Exchange. Bond yields were little changed. In Asia, stocks edged up on Friday in morning trade as a series of developments overnight on the US-China trade front dampened hopes.

It has been an eventful few days at home and abroad. Trade tensions between the US and China seem to be easing although the attack on the Saudi oil facilities over the weekend raises some new concerns for the global economy. Much will depend on the US response and whether the situation escalates from here.

In this week’s Diary, what mattered last week and what might drive markets this. The cost of money, inflation, the price of oil all matter. Also, news from Belfast which finds itself in the eye of the Brexit hurricane.

We have received a number of questions concerning sterling volatility and the impact on client portfolios. We believe UK assets are predominantly priced for a disruptive Brexit but given a disorderly no-deal there is likely further downside in the value of the currency. We outline here how we are positioned and the potential risks.