Societe Generale in its early Monday economic news summary pointed out:

-- The euro is offered versus G10, 10-year OAT/Bund +5bps to 86bps. France's far-right RN threatens to topple the minority government with a motion of no-confidence over budget demands. S&P retained AA- rating/stable outlook on Friday, the base-case expectation is budgetary consolidation in 2025 as part of a medium-term plan to moderate high budgetary deficits.

-- December's seasonals bearish USD versus most G10 and emerging market currencies, bearish 10-year United States Treasuries (higher yields), bullish S&P and oil.

-- Week ahead: US ISM services on Wednesday, non-farm payrolls (NFP) on Friday. Poland's and India's central banks to keep rates on hold on Wednesday and Friday. China Caixin PMI services on Wednesday. The consumer price index for Sweden, Switzerland, Turkey, South Korea, Chile.

-- China: USD/CNH trades 7.28, 10-year Chinese government bond yield drifts below 2% for the first time ever on US tariff threat/PBoC easing bets. President-elect Trump threatens to impose 100% tariffs on BRICS economies if they try to replace the US dollar with a rival currency. November manufacturing PMI inches up to 50.3, services fall to 50.0.

-- Nikkei +0.8%, Euro Stoxx futures -1.0%, EUR 10-year IRS -1.5bps at 2.14%, Brent crude +0.8% at $72.4/barrel, Gold -0.4% and $2,631/oz.