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

-- Euro bid with European stocks before surrendering gains, 10-year Bund dips to 2.46%. Center-right wins German federal parliamentary election but far-right AfD and Left (216 seats combined) can block debt handbrake reform in Bundestag. CDU/CSU leader Merz wants government by Easter, says absolute priority will be to strengthen Europe. CDU/CSU gain 208 seats (28.6%), SPD slumps to 120 (16.4%), Greens drop to 85 seats (11.6%), Left wins 64 seats (8.8%). FDP and BSW fail to clear the 5% threshold.

-- Tighter than expected for a Grand Coalition in Germany, says SocGen.

-- Week ahead: United States/Russia peace talks in Saudi Arabia. U.S. PCE deflator, consumer confidence, U.S. Treasury supply, Nvidia results. European Central Bank accounts, Eurozone negotiated wages. The consumer price index for Spain, Germany, France, Australia, South Africa. South Korea's central bank is forecast to cut 25bps, Hungary's and Thailand's central banks are estimated to stand pat.

-- CFTC foreign exchange positioning: hedge funds trim euro shorts to 8.1% of OI, yen longs raised to 21.5%, sterling shorts trimmed to 0.3%, Australian dollar shorts reduced to 29.9%, Canadian dollar shorts lowered to 44.8%, Swiss franc shorts trimmed to 39.2%, Mexico's peso longs reduced to 9.8%.

-- Nikkei +0.3%, Euro Stoxx +0.5%, EUR 10-year IRS unchanged at 2.41%, Brent crude -0.1% at $74.3/barrel, Gold +0.3% at $2,943/oz.