• Good news flows from the US. US President Trump has indicated (albeit not with the majesty of a tweet) that great trade deals are just around the corner. An administration official hinted at a meeting between Trump and Chinese President Xi "soon". As trade taxes are effectively a tax on equities, this has been well received by Asian risk markets.
  • The US Congress may also be approaching the point where they do not need to shut down the government (again). A possible deal on a border wall has been agreed by negotiators from the two parties. This may reduce fears about the scale of partisan disruption later this year.
  • UK Prime Minister May updates parliament on progress in talks with the EU. This should be a very brief statement. Markets will look for a commitment for a meaningful vote before 27 February, which would allow parliament to force a delay to the divorce.
  • Spain's parliament debates Prime Minister Sanchez's budget following protests and rumors of an early election (since denied). Meanwhile, it is impossible to move without tripping over a central banker speaking – the Bank of England's Carney and the ECB's Nowotny and Weidmann are all on the agenda.