US equities turned lower overnight as the US Consumer Confidence Index printed well below market expectations. The WTI traded heavy after Russia appeared to backtrack from any production cap accord. We could see further pressure on equity markets because oil prices plunged in late NY trade after the API reported a much larger than expected build in US crude inventories, which surged to 4.8 million barrels cancelling out last week’s 5.2 million barrel draw. Fixed income volatility remains tepid ahead of next week’s dearth of Central Bank meetings. The USD rallied early in New York but ran into a bout of trader long ... (full story)