Stock markets were relatively quiet to start the week as traders digested Friday’s nonfarm payrolls report. The main action of the day centred around crude oil contracts which continued their upward climb as WTI gained 1.6% and Brent gained 1.4%. The S&P/TSX advanced today on a combination of very strong Canadian housing starts and energy sector gains. Today’s oil rally came on the back of news that Libya’s main Sharara oil field has been shut in again, while indications out of Russia that it would support extending production cuts also provided a tailwind. Oil price gains helped to propel oil sensitive currencies like CAD and NOK upward. The impact of politics on markets was mixed today. RUB didn't participate in the oil currency rally with uncertainty swirling around Syria and this week’s visit by US Secretary of State Tillerson to Moscow this week. China moving 150K troops to its border with North Korea and the US sending an aircraft carrier group to the area made headlines but didn’t have an impact on the markets as gold held steady on the day. Late in the day, there weren’t any major surprises in comments from Fed Chair Yellen. She did indicate that she sees 4.5% as still slightly below full employment. She also noted that he US economy continues to grow at a moderate pace and that inflation is approaching the Fed’s objective. Inflation remains in focus tomorrow with reports due out for the UK. S&P/ASX 200 futures have been trading higher overnight and Australian stocks could be active again today with the energy sector active. Australia NZB business survey reports could attract some interest from traders along with German ZEW survey results tomorrow. Corporate News There have been no major announcements after the US close today Economic News Significant announcements released overnight include: Canada housing starts 253K vs street 215K Upcoming significant economic announcements include: (Note: 11:30 am in Sydney/Melbourne is currently 1:30 pm in Auckland, 4:30 pm in Vancouver, 7:30 pm in Toronto/Montréal, 12:30 am in London and 8:30 am in Singapore) 11:30 am AEDT Australia NAB business conditions previous 9 11:30 am AEDT Australia NAB business confidence previous 7 9:30 am BST UK consumer prices street 2.3% 9:30 am BST UK core CPI street 1.9% 9:30 am BST UK retail prices street 3.2% 9:30 am BST UK producer input prices street 17.0% 9:30 am BST UK producer outpour prices street 3.4% 9:30 am BST UK house prices street 6.1% 10:00 am BST Eurozone industrial production street 1.9% 10:00 am BST Germany ZEW current situation street 77.5 10:00 am BST Germany ZEW expectations street 14.8 1:45 pm EDT FOMC Kashkari speaking