It's a tentative start to the trading day with major currencies seeing little change as narrow ranges prevail. Meanwhile, equities are more guarded following yesterday's optimism with bonds also lightly bid so far on the day.

All eyes will continue to rest on the Russia-Ukraine situation to see if we will get further easing of tensions in the day(s) ahead.

Headlines will be key in that regard but as things settle down, expect markets to quickly switch the focus back on inflation pressures and major central banks' outlook.

Looking ahead, UK inflation numbers will be one to watch in the upcoming session though it will do little to distract from the fact that the BOE will move to hike rates again next month.

0700 GMT - UK January CPI figures
1000 GMT - Eurozone December industrial production
1200 GMT - US MBA mortgage applications w.e. 11 February

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