For those following the progression, and most recently - unwind - of the Trump reflation narrative, below are some critical observations from Charlie McElligott, head of cross-asset strategy at RBC.
Big Picture: Narrative Reset
The biggest event of the weekend, if not the month, was China's FX reserve outflow update, which at $100BN was slightly better than the $120BN expected (it pushed China's reserves to the lowest in nearly 4 years) but it was in the "no man's land" between the BofA best case scenario ($37.5BN), and the GS worst case ($197BN).