World shares are on the rise today following a vote of confidence from the Fed on Wednesday that the U.S. economy was on track. The Dow and S&P surged yesterday to their strongest percentage gains of the year on the news, following Janet Yellen's comments that an interest rate increase was unlikely for at least the next two FOMC meetings. Whether hikes come sooner, faster, or on that date, said Yellen, depends on the incoming data.

Brent crude oil & WTI continuing their downward slide

Oil prices are continuing their downward slide today, as markets brace for the outcome of the U.S. Federal Reserve meeting this afternoon. Analysts anticipate an upward revision to GDP growth forecasts in response to the slump in oil prices, and expect the Fed to signal that a rate hike is likely in mid-2015. Brent crude is still below the key $60 mark, down 0.7% at $59.62 a barrel. WTI is down 1.2% at $55.24.

selloff in crude oil boosted demand for yen.

Japan is considering lowering its corporate tax rate by 2.5 percentage points next fiscal year to increase corporate competitiveness, Prime Minister Shinzo Abe had been planning to lower the corporate tax rate over several years to around 20% from more than 35% currently. Meanwhile, Japanese stocks continued their slump for a second day, dropping to 6-1/2 week lows, as an ongoing selloff in crude oil boosted demand for the safe haven yen.

Russian ruble's collapse morr than 10%

Despite hiking interest rates to 17% from 10.5% in an emergency midnight move, Russia's central bank has still failed to halt the ruble's collapse. The currency fell more than 10% yesterday, its worst intraday drop against the dollar since the 1998 financial crisis. Erasing earlier gains, the ruble last traded at 69.48 rubles per dollar, compared to 65.50 before the announcement.

Brent crude and WTI have turned sharply around after tumbling to fresh 5-1/2 year lows overnight on OPEC's announcement that it will not cut output even if prices fall as low as $40/bbl. The rally is pushing European shares higher. Brent crude is up 1.1% at $62.55, after hovering close to $60/bbl yesterday. WTI fell below $57 last night, but is now up 0.7% at $58.22 per barrel.

U.S. Senate passed a $1.1T spending bill

Lifting the threat of a government shutdown, the U.S. Senate passed a $1.1T spending bill over the weekend that will fund every federal agency through next September except the Department of Homeland Security. The bill, which included a rollback of Dodd-Frank banking reforms, passed by a vote of 56 to 40. The measure will now go to President Obama, who is expected to sign it into law before federal spending authority expires at midnight on Wednesday.

China's economic growth may slow to 7.1% in 2015.

China’s economy may slow to 7.1% in 2015 from an expected 7.4% this year as a sagging property sector weighs on the world’s second-largest economy, researchers from the nation’s central bank said. Stronger global demand could boost exports, but not by enough to counteract the impact from weakening property investment. China’s economic growth came in at 7.3% in Q3, its slowest pace in five years.