The week opens with a distinct taste of unease after the sentiment-boosting decision by Germany's SPD party at the weekend to join a coalition and give Angela Merkel a fourth term in office is now being offset by Italy's very murky elections.

• Italian election and Trump's tariffs weigh on markets
• US 10-yr treasury yields rose from 2.79% to 2.86% 
• US 2-yr yields rose from 2.19% to 2.24%
• Equities to tread water this week; tariff worries continue
• China's response to Trump still muted but equities have fallen
• Commodity focus: Tariff “war”, CERAWeek, WASDE and China 
• Oil higher as Libya’s supply is cut by 1/3 after pipeline closure
• Gold bounced strongly after hitting key support at $1300/oz