S&P 500

In an overnight note by Goldman's Ian Wright titled "Calm before the storm", which looks at pricing of risk during the current low-vol episode, the GS strategist writes that in the run up to the inauguration last Friday of the 45th President of the US, investors have remained keen to discuss all things at the intersection of President Trump and markets. And yet, despite the uncertainty, volatility has been very low, which is why Goldman tries to estimate which assets appear the most fragile in the event that volatility picks up.

The key economic releases this week are durable goods and GDP on Friday. On the political front, the focus will be is on the first actions of the Trump administration including moves on TPP and NAFTA. There are no scheduled Fed speeches this week.

Arond the globe, the UK Supreme Court decision on Art.50 and the Italian Constitutional Court's decision on the electoral law are on Tuesday. In EM, we have monetary policy meetings in Colombia, Hungary, Turkey, South Africa and Ukraine.

While US stocks closed near session, and all time highs on Friday, the first green close on inauguration day in over 50 years, Monday has seen a modest case of buyer's remorse, with European stocks sliding, Asian shares mixed and U.S.

Bullion bulls betting that this rally has more room to run have history on their side with the arrival of a new U.S. president.

Earlier we reported that according to Goldman, virtually all of its investing clients are "anxious" and/or unsettled" due to rising confusion over Trump policies. As Goldman explained, "'Unsettled' is our best description of fund managers’ mindset as the new administration takes office. During an extensive series of client meetings in the US, Europe and Asia, it became apparent that investors are confused about how to best position portfolios under a Trump presidency... Policy uncertainty was a topic of concern raised in every client meeting.