Absolutely, yeah, thanks, Matt. Very exciting times at the moment in financial markets, and it's a big week for data. So we hit the ground running with the China PMI data for January. Markets expect manufacturing to decline to the 50 index level expansion or contraction boundary, if you will and services to also drop further just to around the 51 level. So some disappointment there. You know, as Chinese markets are closed for much of the week, there will be no change or no chance, sorry to gauge surprise relative to expectations. But amid a complex near-term backdrop for China, with consumer activity impacted by COVID and by property market uncertainty, the now the data will certainly be keenly watched.

In Germany, CPI on Tuesday is another focal point, with the headline print expected to fall back sharply as a reversal of the VAT cut drops out of the annual comparison. Now, the extent of the drop will be key in driving eurozone rates and ECB hike expectations in the near term and the current COVID dynamic and continued supply chain disruptions threatens technical recession in Germany after a bigger than expected decline in Q4 21 GDP, which was released this week.

Finally, we're on to the big number for the week the US non-farm payroll report. Now Powell said at this week's FOMC press conference that the labour market is very, very strong and that the unemployment rate now sub four percent is the least tight metric. Expectations are low for the headline payroll change at the January report at just one hundred seventy eight thousand, although there is potentially a low hurdle for surprise, but the unemployment rate is expected to come in at 3.9. The average hourly earnings expected to tick up to 5.2 percent and a participation rate will all be key factors for market sentiment going forward.

Then in geopolitics, another big week for political commentators, the tension between Russia and the West remains very high centred around the prospects for Russian invasion of Ukraine, something President Biden warned Ukraine's President Zelensky this week was now virtually certain. It is likely that much of the direct market positional adjustment has happened, but there are still significant connotations related to markets in the context of retaliatory sanctions on financial instruments, as the ECB warned its banks earlier on this week.

In the UK, if Johnson was ambushed by cake, then the Sue Gray report into the matter has now been ambushed by the Metropolitan Police, by being asked to refrain from publishing certain factors that are still under investigation. And this means that the partygate saga drags into yet another week. We still see momentum to challenge Johnson as quite weak at the moment, but that could change very quickly on evidence - any evidence that Johnson misled Parliament.

In Italy, the presidential campaign looks set to move into a second week in a very idiosyncratic process. It still seems that Mario Draghi, with or without an extended Mattarella residency, is the most likely outcome. I'm interested in the implications of this process for parliament and for policy in Italy remain strong.

And then lastly, next week brings the ECB. The narrative around the core ECB message of largely transitory inflation will be corroborated or refuted to a certain extent by the German CPI print on Tuesday. But on balance, despite the clear divergence on the governing council, we expect this transitory inflation tone to continue. A more cautious tone is likely exacerbated by the Omicron related consumption weakness over year end that has been apparent in the December retail activity and also clearly in the German Q4 GDP this week. The ECB are also likely to confirm the transition of monetary policy from PEP to a newly increased APP programme, potentially clarifying the criteria for flexibility of those reinvestments beyond its use under circumstances relating to the pandemic. That will be very important. However, we continue to see second round effects in the Euro area as significantly more modest in Europe and in conjunction with the January payroll release this widening differential may become more apparent. For us, this has clear connotations for yield differentials widening and for a EURUSD lower in foreign exchange markets.