Naturally, most headlines continue to credit oil for everything that's happening everywhere.  That may be true in a roundabout way, but it's a harder case to make in the short term today as the Ruble (Russia's currency) has stolen the global show.  Case in point, if we line up the highs and lows from last week's trading, here's how the Ruble vs Oil chart looks today:

This ended up being a relatively constant drag on European markets.  Stock markets are the biggest losers, but bonds eventually came along for the ride.  This hasn't been enough to counteract the initial losses of the overnight session, but it's gotten both MBS and Treasuries closer to Friday's highs than the lows.