Germany

European, Asian stocks and S&P futures all drop after traders were left with a sour taste from the potential fallout of Donald Trump’s order halting some immigration and ahead of central bank decisions from the U.S. and Japan.  Markets in Hong Kong, China, Malaysia, Korea, Singapore, Taiwan and Vietnam are all shut due to the Lunar New Year public holiday, leading to a quiet Asian session. Oil rebounded after sliding as much as 0.7%.  Gold was unable to hold its overnight gains and has dipped into the red to $1,190 after rising just shy of $1,200 in early trading.

Concluding a busy Saturday, in addition to speaking on the phone to Japan's prime minister Abe, and Russia's president Putin calling for "establishing real coordination of U.S. and Russian actions in order to defeat ISIS and other terrorist groups in Syria” as well as discussing the importance of "restoring business ties", Trump also prepared to sign three also on to sign three executive orders dealing with the reorganization of the NSC, focusing on cyberthreats to the US and a crackdown on ISIS, and spoke on the phone with German chancellor Angela Merkel.

Trump's sweeping, and immediately enforced ban on people seeking refuge in the United States and visitors from seven Muslim-majority countries which will last at least three months has caused what Reuters dubs "chaos, panic and anger" - as well as lawsuits - not only among travelers on Saturday - with some denied entry to the US and turned back from U.S.-bound flights - but also among US allies such as France and Germany.

Germany is to abolish an ‘outdated’ 19th-century law that prohibits insulting a foreign head of state. It comes after Turkey tried to use the law to prosecute German comedian Jan Böhmermann for insulting President Recep Tayyip Erdogan in a poem broadcast March last year on German TV. German Justice Minister Heiko Maas says the law belongs to “an era long gone” and is “outdated and unnecessary.” The Local reports: The German government voted Wednesday to scrap a “lese majeste” law that Turkish President Recep Tayyip Erdogan had sought to employ against a popular German television satirist.