The tone in the equities markets was decidedly feeble as the week came to an end, with Chinese markets getting very little help from GDP figures that topped estimates to hit Beijing's 2024 growth target bang on at 5%.
Japanese stocks are also struggling, weighed down by the yen's strengthening beyond 155 per dollar for the first time in almost a month as traders ramp up bets for a BOJ rate hike next week.
An MSCI gauge of global shares is still on course — for now — for the best week since the start of November, but that rally is really the story of one day — Wednesday — when U.S. bank results got earnings season going with a bang.
Caution is likely to reign globally, with Donald Trump's inauguration as U.S. President on Monday looming large and potentially bringing bombshells not only in his speech but in any immediate executive orders, which could include massive tariffs on friends and foes alike.
The sharp retreat in bond yields - driven by a revival in bets for a Fed rate cut by June - must be a relief for global investors, although it seems to have offered little to no support for stocks in the latest market moves.
The macro economy is still front and center for both the fixed income and foreign exchange markets, and the dollar is on the back foot — an unfamiliar position following six straight weeks of gains against a basket of other leading currencies.
The beleaguered pound seems to have found its footing this week, as has the euro, vexing bears who thought a plunge to parity with the dollar might be imminent at the start of the week.
On the calendar in Europe today, Britain releases retail sales data and the final reading of euro zone consumer inflation is due, both for December.
Bank of Spain Governor Jose Luis Escriva gives a speech on central bank independence in Madrid.
Wall Street earnings include State Street and Citizens Financial Group.
Monday will be a market holiday stateside for Martin Luther King Jr. Day.