Morning all.. Wall St closed lower again but no real signs of panic selling with the S&P down just 0.29% at the close. Asia also had a quiet session with the Nikkei also closing lower; down 0.47% aided by a weaker USDJPY. FX markets again trapped in tight ranges but further weakness in NZD against the USD and AUD. On the data front Japan Q4 GDP: +0.3% q/q vs +0.4% cons/+0.2% prelim & +1.2% y/y vs +1.6% cons/+1.0% prelim; 2016 real GDP +1.0% in line with prelim; Q4 GDP deflator -0.1% in line with prelim..Japan Jan Unadj Current Acc surplus narrowed: ¥65.5bn vs ¥239bn cons (-88.9% y/y); first contraction in 8 months; Japan Jan Trade Deficit widened: ¥853.4bn vs ¥800.2bnbn. The bigger news being China moving to a trade deficit. Trade Deficit: CNY 60.36bn vs CNY172.5bn cons; (yuan denominated) Imports surged +44.7% y/y vs +23.1% cons; Exports +4.2% y/y vs +14.6% cons; Lunar NY distortions cited; steel exports slowest in 3yrs. Oil was unchanged and US yileds remained above 2.5%. This morning we get French Trade data and little else until the US session. However we do also have the UK budget today.. Good luck.