1. Europe: Post-Renzi Europe move decidedly higher, with the ECB meeting on Thursday traders will be looking for Draghi to give some indication of future ECB bond purchases after the current March 2017 period. Markets have remained relatively calm after the Italian referendum, however pressure remains on Italy's banking sector to raise capital, with Unicredit reporting a plan to seek 13 billion euros, which is more than its current market cap. With political limbo in place this may face some resistance.

2. Currencies: European indices closed into their highs with news from the Bank of England that the current account deficit was not as large as first thought, coming in at 5.4% of GDP. More on the strength of the USD, the GBP/USD moved back under 1.27. EUR/USD briefly falls below the 1.07 to recover without any current direction, still looks to be moving to parity on it current trend.

3. Equities: Markets have resumed the Trump rally with news he is planning to cancel the current order for a replacement Airforce One. US Dollar index briefly traded under the key 100 level a measure of strength. Probably the most crowed trade in the FX market at the moment is to hold USD, with US equity markets pushing back toward new highs, European volatility under control the closely watched US VIX slips under 12 putting the equity markets in "complacent" mode.

4. Bonds: US 10y yields remain steady at 2.39% with the December rate rise now factored in.

5. ASX: The Aussie 200 open again looks positive with futures pointing to a 31 point higher open at 5462 for the aussie200. Overall the commodities sector looks supported, Iron ore futures up 3.22% with WTI oil trading at $51.30 into the close down .31% for the session still remains bullish with consolidation under the key $52.00 level as the market waits for the next meeting of oil producers in Vienna on December 10th.

6. Commodities: Copper at 2.67 consolidating below the recent $2.70 15 month high, this sets up a strong session for the Australian market looking to retest the key 5500 point level. In the commodities sector Gold $1168.46 remains under pressure with a retest of December 2015 lows of $1100oz the current price target.

7. Today's diary:

• Local data: AiG Performance of Construction November, Third quarter GDP
• Overseas data: German Industrial Production October; UK Industrial Production October; US Consumer Credit

8. Market highlights:

• SPI futures up 26 points or 0.5% to 5454
• AUD -0.3% to 74.49 US cents
• On Wall St, Dow +0.1%, S&P 500 +0.1%, Nasdaq +0.1%
• In New York, BHP -1.7%, Rio -1.2%
• In Europe, Stoxx 50 +1.6%, FTSE +0.5%, CAC 1.3%, DAX +0.9%
• Spot gold -0.2% to $US1168.00 an ounce
• Brent crude -1.7% to $US54.00 a barrel
• Iron ore +1.4% to $US79.73 a tonne
• LME aluminium -1.5% to $US1709 a tonne
• LME copper -1.1% to $US5884 a tonne
• 10-year bond yield: US 2.39%, Germany 0.37%, Italy 1.94%, Australia 2.82%

  This column was produced in commercial partnership
   between Fairfax Media and IG.