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In a subdued start to the week, European equities have been relatively rangebound so far this morning (Euro stoxx: +0.3%), opening higher and going on to close the opening gap throughout the session. The notable movers this morning come from the materials sector, with the likes of Anglo American, ArcelorMittal, Glencore and Rio Tinto all among the worst performers in Europe after the soft trade balance data from China. Fixed income markets have seen similar price action to eq...uities so far this morning, opening lower before going on to grind higher over the following 2 hours. Of note, EUR denominated corporate bond sales may pick up this week with some noting that a total of EUR 15bln worth of debt could be sold, as companies look to take advantage of low interest rates after publishing their quarterly earnings as well as the prospect of ECB buying IG bonds in June as part of its QE program. Furthermore, it was also reported earlier in the session that Italy are exploring the sale of a 50yr bond. FX markets have largely been dictated by USD price action so far this week, with the greenback paring some of the downside seen in the wake of the downbeat NFP results. As a consequence, EUR/USD has slipped below 1.1400, GBP/USD below 1.4400 and USD/JPY above 107.50. The USD strength has failed to stem gains in the energy complex though, with WTI Jun’16 futures trading between USD 45.00 and USD 45.50. The Canadian fires continue to garner attention, while much focus has also fallen on the replacement of the Saudi oil minister, with some suggesting that this may eventually reopen the door to a potential OPEC/non OPEC freeze.

We will be monitoring UK Services PMI for a trade on GBP. The bias is to the upside given the fundamental bullishness of the currency and Monday’s significant beat on Manufacturing PMI. Buying GBP against the NZD or EUR will provide a decent trade, however be mindful of Thursday’s risk event regarding GBP monetary policy. A negative deviation will likely see Cable weaken.