Over the weekend, OPEC+ members, including Moscow and Riyadh, announced an extension of oil production cuts to mid-2024, aiming to boost prices amid economic uncertainty. Despite this, oil prices have not seen a significant impact, with Brent oil trading lower than the previous close.

On Wednesday, the UK Prime Minister could be unveiling tax cuts, and will give investors a clearer picture of the economy.

Last Friday, stocks advanced after US inflation came in in line with expectation, hinting that inflation is progressively getting under control.  The FTSE 100 ended the session 0.7% higher. During the week, it fell 0.3%.

Hipgnosis Songs Fund, a UK-based music investor, has seen a significant drop in the valuation of its songs portfolio, leading to a suspension of dividend payments for the foreseeable future. The estimated fair market value of the portfolio is now between $1.80 billion and $2.06 billion, a 26.3% decrease from the previous valuation of $2.62 billion. The company's shares fell more than 10% to a record low after the announcement.

Jefferies and UBS have issued buy recommendations for BP Plc and Compass Group, respectively, with Jefferies also raising the price target for BP.

There are quite a few news in mergers and acquisitions Halma has acquired Rovers Medical Devices BV for up to EUR 91 million to enhance its cervical cancer test offerings.

Intertek is set to acquire Base Metallurgical Laboratories Ltd, expanding its mineral testing portfolio and establishing a presence in the Americas.

Aviva has re-entered the Lloyd's insurance market with a GBP 242 million acquisition of Probitas, expecting strong financial returns and a high internal rate of return.

Things to read today: