Today we look at the tense situation in markets after the hot US October CPI print on October and then yesterday’s awkward bank holiday-warped session, as well as whether Fed expectations are really driving the US dollar, not to mention China maintaining its currency near recent lows in USDCNH. Elsewhere, we look at the very tense situation in Europe as natural gas prices refuse to continue lower and the potential for geopolitical mishaps on the Polish/Belarus border and/or in Ukraine. Also: the still busy earnings calendar for the week ahead, which features some of the highest profile Chinese tech names, as well as the macro calendar, where we highlight a potentially interesting speech from Fed Vice Chair Clarida late next week. Today’s pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.