Last week was relatively light on news flow, but saw a decent tone for risk assets. We believe this is a fragile equilibrium, which given a data dependent FED and broader policy makers struggling for traction at the lower bound, will depend very much on economic releases.

This week brings a full calendar. On Wednesday, the ECB starts its bond buying programme and on Thursday will hold its latest policy meeting. In the US we have the employment report as well as ISM manufacturing, consumer confidence and the Case-Shiller House Price Index, whilst there is also an OPEC forum in Vienna.