• Meanwhile in markets, all quiet because of the Labor Day holiday in the US and a calendar that is heavily tilted towards the end of the week, with the all-important ECB meet on Thursday.
  • Bund yields are trading flat and near Friday’s lows after the Kremlin decided to cut Nord Stream flows to zero, possibly in retaliation over the G7 oil price cap deal (which still needs to be approved by EU nations, which appears to be a tall order). Asian equities are mixed this morning, and we’d rather took a broader view, with the Nikkei, Hang Seng and MSCI EM index all trading near multi-month lows.



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