Societe Generale in its early Friay economic news summary pointe out:

-- "Trumptrade" back on after United States president follows through with tariffs on Canada and Mexico from Friday -- cites flow of fentanyl, trade deficits, subsidies. Specifics missing (oil?), tariff levels "may or may not rise with time." Canada's ambassador says will respond, Mexico's economy minister says it has a strategy in place. S&P futures +0.35%, 10-year U.S. Treasury +2bps at 4.54%, US dollar bid.

-- Bund yield -4bps (2.48%), two-ear -8bps, EUR/USD -0.5%, December 2025 OIS off to 1.85% after France services CPI falls below 2% in January. The European Central Bank lowered depo rate to 2.75%, maintained guidance: data-dependent, meeting-by-meeting approach, not pre-committing to a particular rate path. Bloomberg: 'restrictive' could be dropped in the March statement, signal rate at or close to neutral.

-- Day ahead: U.S. PCE, SocGem forecasts +0.3% month over month, core +0.2% month over month. ECB one- and three-year CPI expectations. Federal Reserve speaker Bowman. ECB's Villeroy. Colombia central bank (BanRep) forecast to cut 25bps. Czech Q4 gross domestic product.

-- Nikkei +0.15%, EUR 10-year IRS -4bps at 2.43%, Brent crude +0.5% at $77.3/barrel, Gold flat at $2,797/oz.