Markets have reassessed US inflation (the previous assumptions were unrealistically low). The move in bonds is a better reflection of current inflation pressures, before the impact of any Trump stimulus. We get producer price data today.
One thing that may provoke further moves in markets is the announcement of the Treasury Secretary nominee. Someone seen as advocating aggressive stimulus may induce a further wave of concerns. Investors will doubtless be scanning Twitter for the official announcement.
Chinese Premier Li has said that China will meet its full-year growth targets. China always meets its full-year growth targets, unless it exceeds its full-year growth targets. The problem nowadays is that the full-year growth targets are above the long-term sustainable rate of growth.
UK labor market data is due. The reaction to the EU referendum was to increase flexibility (contract work) rather than reduce employment. However, with firms being squeezed by rising import costs that have not been passed to consumers, there may be a desire to control labor costs further.