Wall Street opened with some trepidation on Monday as US presidential election polls over the weekend shifted towards Kamala Harris .

Events in the US on Tuesday will shape the direction of the world economy and geopolitics for the next four years.

US Treasury bonds fell eight basis points to 4.31%

Meanwhile, the dollar fell by 0.6% against a trade-weighted basket of currencies, to its lowest level in two weeks.

It came as the FTSE 100 ( ^FTSE ) and European stocks were mixed as traders also awaited a decision on UK interest rates from the Bank of England (BoE) later in the week.

Deutsche Bank economists expect the Bank of England to make a quarter-point cut for the second time this cycle, taking UK interest rates to 4.75%.

Andrew Wishart, senior UK economist at investment bank Berenberg, said: "It is customary for the BoE to brush off changes in fiscal policy, but it would have to be tone deaf to do that this time around.

"Monetary policymakers will surely have to take notice of the Office for Budget Responsibility explicitly raising its interest rate assumptions 25 basis points above market pricing to account for the likely market reaction to the change in the fiscal stance.

"By raising the 10-year gilt yield from 4.32% at the pre-budget close to 4.46%, financial markets have done as they were told. It is time for the BoE to follow."

Berenberg thinks the Bank will make one cut less, ending up at 4.25% bank rate in the second quarter of 2025, instead of 4.0% in the third quarter.

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