In the wake of Friday’s big moves, particularly in energy, it comes as no surprise that markets have reversed course a bit today in normal backing and filling. European indices have pulled back a bit ahead of today’s ECB QE update and another big meeting on Greece. Over the weekend reports surfaced of a letter from Greece essentially indicating that it would be impossible for the country to service its debt under current conditions. This really isn’t a surprise but there’s usually a bit of a reaction when speculation gets confirmed. Meanwhile, US indices are consolidating Friday’s gains after comments this morning from FOMC members Mester and Bullard confirmed that the central bank remains on course toward interest rate liftoff. Currency markets, on the other hand, have shrugged off this morning’s comments and reports as USD and GBP continue to retreat as interest rate hike speculation continues to unravel. This has enabled continental currencies to rebound, led by SEK, NOK and EUR. CAD is dragging behind its peers with WTI sliding back over 1% and underperforming Brent on the day to widen the spread between them back out to $10.00. Markets may remain active through the day with more speeches, meetings due on both sides of the Atlantic plus and update on how ECB QE purchases are going. Later this evening flash manufacturing PMI reports from around the world are expected. Corporate News There are no major corporate announcements this morning. Economic News Economic reports released overnight and this morning include: Singapore consumer prices (0.3%) vs street (0.2%) Singapore core CPI 1.3% vs street 1.2% Economic reports due later today include: 10:00 am EDT ECB Draghi speaking 10:45 am EDT ECB QE purchases update 12:00 pm EDT Greece PM Tsipras and Germany Chancellor Merkel meeting 10:00 am EDT US existing home sales street 4.92M 12:00 pm EDT approx. US Fed Vice Chair Fischer speaking