Market overview: Stocks higher despite drop in Brent futures

1630:Close UK shares ended the session slightly higher, in holiday-thinned trading volumes, with few traders at their desks despite the raft of US data due out tomorrow. Precious metals miners and some commodity plays did worst as oil and gold prices headed lower. By the end of trading gold futures were to be seen down by 1.25% at $1,181 per ounce on COMEX. Over on the ICE, front month Brent crude futures dropped 1.88% to finish at $60.26 per barrel. FTSE 100 up 31 points to 6,577.

1500: US existing home sales dropped by 6.1% in December to 4.9m after a 1.4% gain to 5.25m in November. The consensus forecast was 5.2m.

1330: US stock futures are pointing to a positive start on Wall Street as the Santa Rally continues. Fashion retailer American Apparel has jumped in pre-market trade in New York after the company said it has received an "indication of interest" to buy the firm at a price of $1.30-1.40 a share, 21-31% higher than Friday's closing price.

1122: Shares in Circle Oil are running higher after the company unveiled what it described as a "significant gas discovery", with broker Investec saying it sees substantial upside in the stock in the aftermath of the same.

1030: The cruise sector is among the most attractive in Credit Suisse´s coverage of the gaming/lodging/leisure space due to a more rational pricing environment. Given it is the largest industry player Carnival is the best 'self-help' story, the Swiss broker adds.

1000: Quantitative easing in the Eurozone remains "on the table" and there is little reason to wait until beyond January to announce it, analysts at Credit Suisse said on Monday morning.

0852: UK stocks have begun the holiday-shortened week moving modestly higher, led by oil stocks, such as Royal Dutch Shell and Tullow, with the latter being one of the year´s worst performers. Brent oil futures are tacking on another 1.7% to last Friday´s advance. Over the weekend Saudi oil minister Ali al-Naimi said he expects crude prices to rebound soon. For now however the gains seen in crude probably have more to do with the relatively dovish stance taken by the US Federal Reserve at its last policy meeting. FTSE 100 up 65 to 6,609.8.