Interest rate decisions send markets spinning in morning bid.

Markets are steady ahead of interest rate decisions from the three major central banks this week, with investors waiting for May US inflation data on Tuesday. The US Federal Reserve is expected to hike rates in June, while the European Central Bank is tipped to deliver a quarter-point rate hike on Thursday, and the Bank of Japan is expected to maintain ultra-loose monetary policy on Friday. Last week's surprise rate increases in Canada and Australia suggest that any rate-hike pause is suspected to be followed by further tightening to contain sticky inflation. UBS has completed its emergency takeover of Credit Suisse, creating a giant Swiss bank with a balance sheet of $1.6tn and greater muscle in wealth management.