US markets dropped on Friday posting a weekly loss for the first time in two weeks. Traders focused on falling oil prices and fears over the global economy. In addition, traders seemed to participate in an end of year sell off.

Asian markets declined across the region. The Japanese Prime Minister, Shinzo Abe, and his coalition won the elections yesterday with the party winning more than 2/3 of the seats.

European markets are mixed today. The market is being hit by the upcoming Presidential vote in Greece which could cause a political deadlock.

Oil dropped to a new 5 year low after the IEA reduced their forecasts for global oil demand for 2015 by 230,000 barrels/ day. Today, the price rebounded slightly following news from Libya that one of their ports has halted production due to a strike. Traders will await data from China, Europe and the US later in the week to gauge demand.

Gold declined despite declines in the stock market. Speculation is ongoing that the Fed may provide more information on the Interest rate hike during their FOMC statement on Wednesday and many expect them to be hawkish.

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Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:

1) A Bounce After Big Losses

US stock futures are all moving up, setting the stage for a rebound after both the Dow Jones industrial average and S&P 500 each dropped by about 3.5% last week.

European markets were also pushing higher in morning trading.

Concerns about the impact of plunging oil prices have contributed to recent market volatility. Crude futures were edging up Monday, and shares in big oil companies look set to rally, despite weekend reports that OPEC won't rush to cut oil production even if prices fall as low as $40 per barrel.

2) Bringing Abe Back

Japanese voters backed Prime Minister Shinzo Abe in a snap election Sunday.

The win gives Abe four more years to institute his policies aimed at reviving Japan's economy by flooding the market with cash, encouraging corporations to create more jobs and increasing government spending.

Japan unexpectedly slipped into a recession this year, dealing a blow to Abe's much-vaunted Abenomics economic revival strategy.

3) Australian Hostage Situation Hits Markets

The main Australian index was down by 0.6% Monday as markets reacted to a hostage situation at a cafe in Sydney.

Shares in Qantas Airways (QUBSF) dropped by 5.4% as investors predict the hostage standoff could hurt tourism and air travel.

4) Stock Market Mover -- Petsmart

Shares in Petsmart (PETM) are rising by about 6% premarket after the retailer agreed to be acquired for $8.7 billion in the largest private equity deal so far this year.

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What is it? It checks the level of a diffusion index based on surveyed purchasing managers in the manufacturing industry.

It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.

When? December 15^th at 8:45pm Eastern Time.

Trading Tip: If the number is higher than the forecast, you can expect the CNY to rise.

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What is it? It's a detailed record of the RBA Reserve Bank Board's most recent meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates.

When? December 15^th at 7:30pm Eastern Time.

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the AUD to rise.

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What is it? It checks the percentage of available resources being utilized by manufacturers, mines, and utilities.

It's a leading indicator of consumer inflation - when producers are nearing full capacity they respond by raising prices, and the higher costs are usually passed on to the consumer.

When? December 15^th at 9:15am Eastern Time.

Trading Tip: If the number is higher than the forecast, you can expect the USD to rise.

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What is it? It checks the level of a diffusion index based on surveyed manufacturers.

It's a leading indicator of economic health - businesses react quickly to market conditions, and changes in their expectations can be an early signal of future economic activity such as spending, hiring, and investment.

When? December 15^th at 6:00am Eastern Time.

Trading Tip: If the number is higher than the forecast, you can expect the GBP to rise.

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What is it? It checks the change in the price of goods and raw materials purchased by manufacturers.

It's a leading indicator of consumer inflation - when manufacturers pay more for goods the higher costs are usually passed on to the consumer.

When? December 15^th at 3:15am Eastern Time.

Trading Tip: If the number is higher than the forecast, you can expect the CHF to rise.

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US markets climbed after the release of positive data. Gains were initially stronger but declines were seen after oil prices dropped further.

Asian markets were mixed during today’s session. The Nikkei added 0.66% ahead of General elections on Sunday.

European markets are lower today as oil prices continue to fall. The FTSE 100 is currently down 1.54% and is being led by losses in energy companies.

Oil dropped below $60/barrel following a decision by the IEA to cut the demand outlook for 2015. This comes after OPEC and the EIA already reduced their 2015 forecasts. US supplies continue to increase and the price war is ongoing between OPEC and U.S. Shale Producers. It is estimated that the price could keep falling until OPEC decides to cut supply.

Gold declined slightly following positive US data. The price has remained above $1,220.000 as the global outlook is still on the downside. However, as US data continues to improve, speculation is boosted that interest rates could be raised sooner than expected.

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