In yesterday's session sovereign bonds took center stage once again. Yields extended their declines both in the euro area and in the US, where higher-than-expected weekly jobless claims pointed to a cooling labor market and gave investors further reasons to believe the Federal Reserve is done hiking rates.US stock markets were mostly flat after the week-long rally and some disappointing 3Q earnings results. The US dollar was also unchanged and the euro remained around $1.08. In commodity markets, the price of Brent oil dropped below $80 to its lowest level in 4 months amid weak demand data from the US and Asia.Today, Fitch will review Spain's sovereign rating and Moody's will do the same for Portugal. No changes are expected, and their respective risk premia have continued narrowing (Spain's at 100 bps and Portugal's at 65 bps).More ECB members are due to speak today and markets will continue to look for clues in their speeches.