Pipeline trouble; Climate summit; Fed meets

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1. Energy trouble: Oil prices jumped Tuesday after a key pipeline in Europe was closed because of a leak.

The problem with the 235-mile Forties Pipeline System, which carries almost 40% of the North Sea's oil and gas output, was discovered during an inspection on December 6.

The crack has since extended, forcing owner INEOS to shut the pipeline for repairs. The company said only a small amount of oil seepage has been reported.

Oil that flows through the North Sea pipeline helps set the price of Brent crude, which jumped 1% on Monday to a two-year high above $65 per barrel.

U.S. crude futures, which are priced in Oklahoma, rose less than 1% to trade at $58.50.

Meanwhile, an explosion was reported at a natural gas facility in Austria. Gas Connect Austria said that a serious fire resulted, but the plant was shut down in a controlled manner.

2. Climate moves: French President Emmanuel Macron is hosting a summit to mark the second anniversary of the Paris Climate agreement.

Business leaders are watching the meeting closely -- nearly 1,200 companies have already promised to align their business plans with the Paris Agreement, according to We Mean Business coalition.

It's not just Paris: Exxon Mobil (XOM) said in a regulatory filing on Monday that it will start offering more details on how climate change could affect its business.

3. Yellen's long goodbye: The U.S. Federal Reserve starts its final two-day meeting of the year on Tuesday.

It seems all but certain the central bank will raise its key interest rate one last time before chair Janet Yellen's planned departure.

The Fed has already raised rates twice this year, first in March and again in June.

4. Global market overview: U.S. stock futures were flat.

European markets were in positive territory. Stocks in Asia closed lower.

The Dow Jones industrial average and S&P 500 hit new records on Monday after posting small gains. The Nasdaq closed 0.5% higher.

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5. Companies and economics: Comcast (CCVCL) has dropped out of the running to buy a majority of 21st Century Fox (FOX), clearing the path for Disney (DIS) to buy its prized entertainment and sports assets.

European property investor Unibail-Rodamco (UNBLF) said it has struck at $15.8 billion deal for Westfield Corporation (WEFIF), an Australian company that also operates malls in Europe and the U.S.

Shares in Unibail-Rodamco dropped 3.3%.

U.K. inflation hit 3.1% in November, according to the Office for National Statistics. That's up from 3% in October 2017, and the highest reading since March 2012.

U.S. producer price data will be released at 9:15 a.m. ET.

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6. Coming this week:

Tuesday -- Fed meeting begins; U.K. inflation data
Wednesday -- Fed decision and Yellen press conference; U.K. unemployment data; OPEC oil report; U.S. inflation data
Thursday -- U.S. retail sales; Bank of England rate decision; European Central Bank decision; Costco and Oracle earnings; IEA oil report; EU summit; Black Friday retail results Friday -- EU Summit on Brexit

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