Societe Generale in its early Monday economic news summary pointed out:

-- Risk on start to the week, S&P futures +0.8%. United States Trump Administration mulls 'targeted' rather than blanket reciprocal tariffs on April 2. China prepared for "shocks that exceed expectations."

-- EUR/USD overnight bid stalls after PMIs underwhelm, 10-year Bund flat at 2.77%. Germany's mfg PMI improves to 48.3 from 46.5, services drop to 50.2 vs 51.1. France's mfg PMI climbs to 48.9, services up to 46.6. United Kingdom's mfg down to 44.6, services up to 53.2.

-- CFTC foreign exchange positioning: long euro raised to 9.1% of OI, yen longs up to 41.5%, sterling increased to 16.3%, Australian dollar shorts double to 39.0%, Swiss franc shorts raised to 42.9%, Mexican peso longs expand to 39.2%.

-- Week ahead: Month/quarter-end rebalancing. U.S. PMI on Monday. U.S. consumer confidence on Tuesday, PCE on Friday. German Ifo on Tuesday. CPI for France, Spain, the U.K. and Australia. U.K. budget update (spring statement). Norway's and Hungary's central banks forecast to keep rates on hold. Czech central bank estimated to cut 25bps, Mexico's Banxico seen reducing 50bps.

-- Nikkei -0.2%, EUR 10-year IRS +3bps at 2.70%, Brent crude -0.1% at $72.1/barrel, Gold +0.1% at $3,026/oz.