Germany

S&P futures point to a slightly lower open, while Asian and European stocks are likewise modestly in the red. Trading volumes are muted for most markets on Monday with investors spooked by rising geopolitical tensions in the Middle East and the Korean peninsula. It is also a holiday-shortened week in much of the West. As Bloomberg puts it, there is a "sense of unease" across markets, with global stocks mixed as investors weighed looming security risks and French bonds retreating ahead of the election following the surprising surge of far-leftist Melenchon in the polls.

After initially tumbling in the aftermath of the U.S. missile attack on Syria which jolted financial markets, boosting haven assets and temporarily shifting investor focus from today's jobs data , S&P futures have managed to recoup all losses (the Nikkei closed up 0.4% after sliding earlier in the session), with Europe also just fractionally lower and climbing fast.

German Chancellor Angela Merkel has apparently decided she's not willing to take the chance of becoming the latest politician to fall victim to the same "Russian hacking" and "fake news" campaigns which 'undoubtedly' caused the downfall of America's liberal darling, Hillary Clinton (forget those pay-for-play scandals, federal record retention violations and willful non-compliance with Congressional subpeonas...total non-factors in the 2016 election). 

With worries about mass migration having largely faded from Germany's consciousness after a record surge in 2015, and an angry popular reaction, prompted Angela Merkel to curb the inflow of refugees, there is renewed concern in Germany following a report that up to 270,000 Syrians in Germany have the right to bring in their family members, a "revelation" that could refuel the debate about migration less than six months before a national election.

After the best quarter for US stocks since 2015, global equities have started off Q2 on the right foot, despite caution about the upcoming meeting between President Trump and China's Xi Jinping later this week, and Fed Minutes which are expected to be more hawkish than the FOMC statement.