With the FOMC in the rearview mirror and a much lighter economic calendar, the potential for stocks to build on gains will depend on several factors. There was a faint glimmer of hope that a ceasefire might emerge in eastern Europe, which faded by last week’s end. Oil prices and fresh Covid outbreaks will be closely monitored. The S&P500 regained some important ground but more work is needed (see tweet here). Flash PMIs from across the globe are the main event on the schedule, and the numbers from Europe may offer clues to economic downturn risks given the inflationary effects of the region’s dependency on Russian oil and gas. In the UK, Wednesday’s CPI release is expected to show a YoY increase nearing 6%, and the BOE anticipates inflation peaking at 7.25% by April. But that’s not even considering the additional recent swell in commodity prices, which could push the number towards 10% by summer. U.S. durable goods orders will drop with PMIs on Thursday, and new and pending home sales round out a limited domestic agenda. Other announcements of note include German PPI today and UK retail sales on Friday.