Themes

· General mood is “risk off”

· Japanese PPI prints at 10% from 9.4% talk. Little impact on trade

· Chinese data was worse than expected

What’s Moving

It was a quiet session in Asia today, with the usual Asian Monday morning playing out. Japanese PPI printed slightly hotter than expected but was shrugged off. Chinese numbers all printed worse than expected but had little market impact.

European trade is expected to be subdued, with eyes on local stock markets to see how the week starts up in that asset class.

U.S. trade will focus on movements in equities and interest rates before the release of the U.S. Empire State Manufacturing Index. This data set I usually a sleeper but can move markets if its different to expectations.

Over the weekend NATO has pledged open-ended military support for the Ukraine.

As a side note, there are some rumors circling of an impending default by El Salvadore.

Data tonight sees:

· Euro-zone Trad Balance (E: 2.3bln)

· Canadian Housing Starts (E: 250k)

· U.S. Empire State Manufacturing Index (E: 15.3)