The FTSE 100 is called to open 4 points lower at 7317. Airlines, cruise lines and other companies in fuel- dependent industries dragged U.S. stocks lower Monday after an attack on Saudi Arabia’s biggest oil processing facility sent crude prices soaring. The U.S. and international benchmarks for crude each vaulted more than 14% — that’s comparable to the 14.5% spike in oil on Aug. 6, 1990, following Iraq’s invasion of Kuwait.

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.