* US consumer price inflation is due. The Trump Twitter Feed has already declared (using capital letters!) that the US has "VERY LOW INFLATION." The US has lots of consumer inflation measures, and they are all around their twenty-year averages. US inflation is basically normal.

* Chinese consumer prices rose. This was mainly due to sick pigs. Does this matter? It matters if you are a Chinese pig. It matters if you like eating pork in China. It does not really matter to the rest of the world. China does not export a lot of food. The only global relevance would be if Chinese inflation influenced politics and other policies.

* Japanese machinery tool orders were stronger than expected. This is a volatile series, and the data relates to April (which was a very, very long time ago in Twitter terms). But this signals that capital spending may have been normalizing before the latest trade taxes.

* ECB President Draghi is speaking today, and of course will sound dovish (because it is ECB President Draghi). Draghi's impact may slowly diminish as markets start to look ahead to who comes next. Final Spanish consumer price inflation is unlikely to excite markets.