These strong variations keep volatility at a high level. The VIX is above 25 points since the beginning of the month, compared to about 11 points at the start of the year.

The S&P500 and the Nasdaq 100 went into the red on Friday for a third consecutive session. Perhaps investors are securing the gains accumulated since the spring rebound, before what they perceive as a major "disruptive event", aka the U.S. presidential election. The replacement of Supreme Court Justice Ruth Bader Ginsburg, who has just passed away, creates yet another rift in the United States before the presidential election.

The Covid-19 pandemic continues to spread across Europe. According to a Financial Times report, the ECB has launched a review of its Pandemic Emergency Purchase Program (PEPP) to determine how long it should continue and whether its flexibility should be transferred to the usual quantitative easing program. The PEPP has been exempted from the self-imposed rules that the ECB has imposed on itself and that limit the former asset purchase program, which is still in effect. This allowed the PEPP to direct purchases to particularly strained economies such as Italy. But it has always been described as temporary, directly linked to the current crisis.

Initially created in March with an initial budget of 750 billion euros, the PEPP has since been increased to 1,350 billion euros to support the economy. Its revision should be discussed by the Board of Governors next month, according to the Financial Times. Given that euro area GDP remains below pre-crisis levels, the second wave of infections is strengthening, and inflation remains significantly low, the expected scenario is an extension of the PEPP.

This week, some 20 central banks are expected to unveil their monetary policy, including Sweden, Switzerland, Norway, Turkey and New Zealand, which are expected to keep their policies unchanged. Mexico and Colombia, however, may opt for further easing.

In other news, Donald Trump validated Oracle and Walmart's operation with TikTok, even if the deal is far from his initial demands.

Today on the agenda, we have the Chicago Fed Activity Index. Fed boss Jerome Powell is scheduled to make a public speech at a FOMC event. Japanese markets are closed for a holiday.