The JPY is the strongest and the NZD is the weakest as the NA session begins

The CHF, USD are attracting safe haven flows and are the strongest of the major currency as US traders enter for the week. The NZD is the weakest.

The tensions on the Ukraine/Russia border remain. That had stocks under pressure with Europe shares catching up to the late Friday tumble in the US. Their shares were down over 3%. The US pre-market stocks were also lower in pre-market trading, but are recovering as Putin ask Russian foreign minister Lavrov to report proposals to the US and he says there are possibilities for a diplomatic solution. As a result, the losses have been whittle down as markets adjust to the news.

In Canada, the blockade over Covid policies at the Ambassador Bridge has been cleared. The impact closed auto manufacturing in the US and disrupted other businesses in both Canada and the US

In other markets the snapshot is showing:

• Spot gold Gold Gold is the most widely traded and important commodity. Prized for its historical importance and used for trading an exchange of goods, the gold market today is estimated at nearly $2.4 trillion.The value of gold fluctuates constantly, as it trades on public exchanges where it has a price that is determined by supply and demand. Gold has historically had tremendous significance and even today is extremely sought after. Gold has been used as a currency as it doesn't corrode, and the material allo Gold is the most widely traded and important commodity. Prized for its historical importance and used for trading an exchange of goods, the gold market today is estimated at nearly $2.4 trillion.The value of gold fluctuates constantly, as it trades on public exchanges where it has a price that is determined by supply and demand. Gold has historically had tremendous significance and even today is extremely sought after. Gold has been used as a currency as it doesn't corrode, and the material allo Read this Term is trading down $3.16 or -0.16% at $1855.25. Gold is traded as high as $1862.15 as low as $1850.85
• Spot silver Silver Silver is a precious metal that is commonly traded on exchanges or through brokers. It is much more affordable than gold and thanks to its importance as an industrial metal as well as volatility, is widely traded.For precious metals traders, gold is a much more popular market. Big institutions buy gold as a currency hedge when real interest rates and yields on other assets become unacceptably low. Central banks will buy gold, not silver, as a reserve asset to diversify their currency exposure.In Silver is a precious metal that is commonly traded on exchanges or through brokers. It is much more affordable than gold and thanks to its importance as an industrial metal as well as volatility, is widely traded.For precious metals traders, gold is a much more popular market. Big institutions buy gold as a currency hedge when real interest rates and yields on other assets become unacceptably low. Central banks will buy gold, not silver, as a reserve asset to diversify their currency exposure.In Read this Term is trading up $0.12 or 0.54% at $23.66
• WTI crude oil futures are trading at $92.53 that is down $0.55 on the day, and well off the high price of $94.91 (new cycle high and seven year high).
• The price of bitcoin is trading at $42,542.. It traded as high as $43,034 over the weekend the low price today reached $41,575. It was a fairly quiet weekend for the digital currency

In the premarket for US stocks, the Dow industrial average is now trading unchanged on the day. The NASDAQ and S&P are also back near unchanged after trading lower overnight

• Dow industrial average -1 point after Friday's -503.53 point decline
• S&P index -1 point after Friday's -85.42 point decline
• NASDAQ index unchanged after Friday's -394.49 point decline

In the European equity markets, the major indices were down over 3% as I started this report but have since clawed back about 1% of those declines:

• German DAX, -2.36%
• France's CAC, -2.43%
• UK's FTSE 100 -1.33%
• Spain's Ibex, -2.2%
• Italy's FTSE MIB -2.1%

In the US debt market, the yields are trading mixed with the short and higher in the longer end a bit lower (30 year down -0.4 basis points).

The European debt markets, yields are down around five or so basis points.

Markets moving as they adjust to the headlines. It should be a volatile day.

PS Bullard is to speak on CNBC at 8:30 AM ET. He is a voting member and he is in favor of 50 bp hike in March, 100 bps by July, QT and is ok with action between meetings if needed.

ECBs Lagarde is scheduled to testify on the ECB Annual Report before the European Parliament later this morning.