Morning call

European stocks were flat on Wednesday morning; the market is waiting to see if the Fed cuts interest rates today amid growing signs that the American economy is cooling down.  The FT has a handy roundup of data about the slowing US economy, such as latest consumer confidence figures.

Oil prices fell on Tuesday. US crude oil futures slipped back in after-hours trading after Goldman Sachs recommended that traders take profits after what has been a surge in the price. Oil fell by 1.6% to $88.92 in the US December futures contract.

HSBC and the Dubai International Financial Exchange launched an index that tracks more than 100 Middle Eastern bonds, including bond products that comply with Islamic law. The development underscores the growing maturity of the Middle Eastern capital markets.

In corporate news, Tesco’s, the supermarket giant, may have to sell off some of its properties after the UK Competition Commission said a lack of competition in some local British markets was hurting consumers.