Nothing much on the data docket as the market continues to digest the US-China Phase One trade deal

US China

Good day, everyone! Hope you're all doing well as we look to get things going in the European morning session ahead. The main news in the market continues to be the US-China trade deal signing, with the details failing to offer much for traders to chew on.

Currencies remain largely unchanged with little movement across all other asset classes. That kind of similar mood is carrying over into the new day ahead of the London open.

The US-China trade deal details (the US version at least) was rather lacking in my view - then again, this whole Phase One trade deal in itself is but a political show - and the so-called commitments made by China don't appear to be anything too dramatic.

As you'd expect, there's the big top-line figure of $200 billion of Chinese purchases with some loose commitments I would say on technology transfer and the yuan currency.

Both sides can be happy with the outcome but it will offer nothing more than a temporary truce - hopefully until after the US election in November - for the time being.

Looking ahead today, there isn't much on the data docket in Europe to shake things up so expect markets to continue to digest the meaning of the deal. Just be wary that China also hasn't released its version yet so keep an eye out for that.

0700 GMT - Germany December final CPI figures

The preliminary release can be found here. This should just reaffirm a slight rebound in price pressures last month, similar to the French and Spanish readings yesterday.

1230 GMT - ECB releases account of its December monetary policy meeting

The December meeting decision can be found here. This is more or less a more comprehensive take on the ECB decision last month, but it shouldn't offer us anything that we don't already know from the statement or from policymakers since the meeting.

That's all for the session ahead. I wish you all the best of days to come and good luck with your trading!