With the US and UK closed for holidays, trading and news flow have been lighter than usual to start the week. As is often the case when the US is closed, markets that are open today in Asia Pacific and Europe have been trading moderately higher, led by the Nikkei and Dax both of which have posted gains of around 1% while the MIB has soared 2.7%. Weekend election results don’t appear to be having much effect on the markets. Gold and RUB are steady after businessman Petro Poroshenko won the Ukraine election with over 50% support on the first ballot in hopes that his election will help to ease tensions and stabilize the situation. EUR is holding steady against other currencies trading today like JPY indicating that even though parties sceptical of the Euro and EU made inroads in European parliamentary elections, it was not enough to raise concerns about the common currency. The most active currency today has been SEK which has rebounded from last week’s selloff after better than expected Swedish retail sales indicated that perhaps the Riksbank isn’t under quite as much pressure to lower interest rates as had previously been thought. Overall, this action suggests that we may see a neutral to moderately positive day today in Canada as traders position for the rest of the week which includes more Canadian bank earnings, a flurry of mid-tier economic reports out of the US, plus GDP from around the world and Japanese economic numbers later in the week. Economic News Economic reports released overnight and this morning include: Sweden producer prices 1.6% vs street 1.8% Sweden retail sales 5.7% vs street 3.9% Spain producer prices 0.1% vs previous (1.2%) NZ trade balance $534M vs street $634M Singapore industrial production 4.6% vs street 4.3% Economic reports due later today include: There are no major reports scheduled for North America today.