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  • European indices have posted mixed performance with US futures modestly positive though RTY -0.2% lags slightly with overall magnitudes relatively contained
  • DXY has continued to drift but remains above the YTD low of 91.740, with major peers generally firmer but with limited conviction in thin liquidity; though GBP was impacted in a delayed reaction to Barnier remarks
  • EU Chief Brexit Negotiator Barnier says he is travelling to London this evening to...
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  • Asian equity markets were mixed as trade continued to lack firm direction following the holiday closure in the US for Thanksgiving
  • The AstraZeneca/Oxford University vaccine is set to undergo a new global trial to appease critics questioning the claim that the vaccine can protect up to 90% of people against COVID-19
  • In FX, the DXY trades sub 92.00, GBP/USD is unable to breach 1.34 thus far and EUR/USD maintains 1.19 status
  • UK and EU are set...
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  • Post-Fed minutes, some kind of action seems likely in December; what exact action will be taken remains to be seen, given the minutes had something for everyone
  • A non-committal tone was evident for most of Asia-Pac trade following the indecisive lead from the US where stocks were rangebound heading into the Thanksgiving holiday
  • In FX markets, the DXY was lacklustre beneath 92.00, EUR/USD held 1.19 status and GBP/USD eyed 1.34 to the...
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  • European indices are softer with cyclicals marginally underperforming thus far, Euro Stoxx 50 -0.3%; a similar theme is evident in US futures with the RTY -0.4% underperforming the NQ +0.2% thus far
  • FX has seen the USD pick-up throughout the morning as equity sentiment continues to slip with major peers mixed/subdued against the USD itself
  • China is likely to approve a COVID-19 vaccine by year-end to meet the need of epidemic-stricken countries, Global Times citing...
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  • Most major Asian equity markets traded positively as the region took impetus from the record-setting session in the US where the S&P 500 notched a record close
  • In FX markets, the DXY remained subdued and moved closer towards 92.00, EUR/USD briefly reclaimed 1.1900 status, while GBP/USD hovered around 1.3350
  • Gold was little changed and languished around the prior day's lows near the USD 1800/oz level
  • US Treasury Secretary Mnuchin said he...
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  • European equity indices are firmer across the board, Euro Stoxx 50 +1.20%, with sectors exhibiting cyclical outperformance; echoed in US futures with RTY +1.6% outperforming ES +0.8% & NQ +0.4%
  • Russia's Sputnik V COVID-19 vaccine efficacy at 91.4% on day 28 and over 95% on day 42
  • German Ifo business climate & current conditions beat November expectations but all measures fell from prior; Ifo notes that vaccine prospects are yet to be reflected in business expectations
  • FX features a downbeat...
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  • Asian equity markets were mostly positive amid several bullish factors including ongoing vaccine hopes, strong US PMI data and reports that President-elect Biden is to pick former Fed Chair Yellen for Treasury Secretary
  • Additionally, the General Services Administration informed President-elect Biden’s team that the transition can formally begin
  • The DXY trades sub-92.50, EUR/USD hovers around 1.1850 and GBP/USD reclaimed 1.33 status
  • Further...
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  • European bourses are bolstered on COVID-19 updates but are off highs at present, Euro Stoxx 50 +0.5%, while US futures remain in proximity to highs with RTY +0.9% marginally outperforming; ES +0.6% & NQ +0.3%
  • AstraZeneca/Oxford University COVID-19 vaccine candidate met its primary endpoint; two regimes one with 90% efficacy the other 62%. Can be stored, transported & handled at normal fridge temperatures for at least 6-months
  • Regeneron announced that its antibody cocktail REGN-COV2 received...
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  • Asian equity markets began the week on the front boot amid virus treatment hopes after reports the FDA granted EUA for Regeneron’s REGN-COV2 antibody cocktail
  • However, some of the optimism in the region was offset by concerns regarding rising infection
  • In FX markets, the DXY trades softer, EUR/USD eyes 1.19 to the upside, GBP outperforms on Brexit optimism
  • UK PM Johnson is preparing a significant Brexit intervention as negotiators start their final push for a deal
  • UK PM Johnson is to tell...
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  • European bourses are firmer this morning (Stoxx 50 +0.70%) seemingly unphased by the Fed/Treasury updates while US futures have been recouping losses and are now mixed/flat
  • US Treasury Secretary Mnuchin made a request for the Fed to return unused CARES Act funds and shelved several programs that utilize those funds
  • This prompted a response from the Fed which would prefer to continue with the full suite of emergency facilities to support the economy
  • US HHS's Azar expects Pfizer (PFE) to file an...
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  • Asian equity markets traded with a non-committal tone as participants reflected on the choppy price action stateside
  • US Treasury Secretary Mnuchin made a request for the Fed to return unused CARES Act funds and shelved several programs that utilize those funds
  • This prompted a response from the Fed which would prefer to continue with the full suite of emergency facilities to support the economy
  • Staff for US House Speaker Pelosi, Senate Majority Leader McConnell, Senate Minority Leader Schumer and...
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  • Equities have continued to move lower since the European cash open as markets balance positive and negative updates on the COVID-19 front; ES & NQ -0.4%, RTY -0.7%
  • AstraZeneca/Oxford COVID-19 vaccine has produced a strong immune response among elderly adults; Phase III efficacy data possible in the coming weeks
  • EU Chief Brexit Negotiator Barnier has cancelled briefings to the EU on Tuesday night and Wednesday mid day; interpreted as a cautious positive by BBC’s Kuenssberg
  • CBRT hiked by 475bps as...
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  • Asian bourses were mixed as the region partially shrugged-off the risk-averse mood that rolled over from US where early vaccine optimism faded amid COVID-19 concerns
  • Selling in the US exacerbated heading into the close after New York City Mayor De Blasio announced the closure of all public schools from today
  • In FX, the DXY has slipped back below 92.50, EUR/USD hovers around 1.1850 and GBP/USD has trimmed gains
  • European leaders will reportedly demand today that the European Commission publishes...
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  • European bourses are currently modestly firmer after a slightly subdued start to the session; NQ (+0.3%) initially outperformed but RTY (+0.3%) has closed the gap as the session progressed
  • House Speaker Pelosi and Senate Minority Leader Schumer sent Senate Majority Leader McConnell a letter calling to start negotiations on COVID-19 relief this week
  • UK Gov’t reportedly to push back on the idea of an imminent Brexit deal and senior sources in Brussels also don't think the politics are right yet; EU briefing...
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  • Asian equity markets traded mostly higher as the region attempted to pick up from the weak handover from Wall Street
  • In FX, the DXY remained below the 92.50 level, EUR/USD modestly extended gains, GBP/USD sits above 1.3250
  • France is understood to have accepted there will be reduced fishing access to UK waters post-Brexit, according to The Telegraph
  • Downing Street was said to push back on the idea of an imminent Brexit deal, according to Times Radio’s Newton Dunn
  • Fed Chair Powell noted it was...
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  • European bourses have begun the session with modest losses, which have picked up as US participants enter the fray, amid a lack of fundamental updates
  • Tesla (TSLA) is to join S&P 500 prior to the open on December 21st, +12% in pre-market; Co. they are replacing will be announced prior to this
  • Brexit Negotiators are reportedly zeroing in on a trade deal as early as next week, sparking upside in Cable; note, such commentary is in-fitting with prior updates
  • FX features a rangebound, but subdued USD...
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  • Asian equity markets were somewhat indecisive and only mildly benefitted from the performance on Wall St where both the S&P 500 and DJIA posted record levels
  • UK Chief Brexit Negotiator Frost told UK PM Johnson to expect a Brussels trade agreement early next week, according to The Sun
  • An EU diplomat also suggested the EU is ready to find a creative solution to avoid an accidental no-deal Brexit, according to the Telegraph
  • In FX markets, the DXY trades modestly firmer above 92.50, EUR/USD hovers...
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  • Value outperforming growth once again (RTY +1.0%/NQ +0.5%) while European bourses are off highs as this price action emerges in Europe as well
  • US President-elect Biden is poised to speak today on plans for a post-COVID economic recovery and longer-term growth, tentatively scheduled for 13:45EST/18:45GMT
  • US President Trump reportedly plans a last-minute crackdown on China and will enact a series of hard-line policies in his final weeks, according to senior administration officials
  • EU Officials...
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  • Asian bourses kickstarted the week on the front foot and US equity futures extended on last Friday’s gains; ASX encountered technical problems
  • US President-elect Biden is poised to speak today on plans for a post-COVID economic recovery and longer-term growth, tentatively scheduled for 13:45EST/18:45GMT
  • US Operation Warp Speed Chief reiterated that they are hopeful for another positive vaccine update from Moderna (MRNA) this week
  • US...
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  • European bourses are mixed/firmer after a tepid open with European sectors illustrating changing dynamics throughout the morning in-spite of quiet newsflow; ES +0.7%, NQ +0.8%, RTY +0.8%
  • FX features a depressed DXY with major peers largely firmer while fixed is firmer but off highs ahead of more central bank speak
  • Gilead's (GILD) antiviral remdesivir should not be used as a routine treatment for COVID-19 patients in critical care wards
  • Looking ahead highlights include US University of Michigan,...
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  • Asian equity markets weakened on spill-over selling from Wall Street; Hong Kong lagged
  • White House confirmed an executive order prohibiting US investments in firms deemed to be owned or controlled by China’s military
  • Fed Chair Powell said the recovery in the US has been faster than expected but it has slowed
  • Mexican Central Bank unexpectedly maintained rates in which only one member voted for a 25bps cut
  • EU...
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  • US futures are mixed with ES flat as NQ outperforms +0.5% with the RTY lagging -0.3% in a continuation of yesterday’s pause in rotation dynamics; also evidenced via European sectors
  • US, UK & EU have condemned China for the legislation taken against Hong Kong calling for it to be immediately removed; UK is considering sanctions in response
  • BoE Governor Bailey says we have talked about yield curve control & does not have a date in mind for the negative rate review
  • 165 critics of Google have...
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  • Asian equity markets traded mostly lower as sentiment gradually deteriorated from the mixed performance stateside
  • US President-elect Biden's current lead in Pennsylvania is reportedly larger than the margin for a recount
  • US National Security Adviser O'Brien said the US will sanction those responsible for Hong Kong freedom violations
  • In FX, DXY traded on either side of 93.00, EUR/USD and GBP/USD were lacklustre, JPY...
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  • Equities have seen a modest pause of the rotation exhibited since the PFE/BNTX update, evidenced via European sectors and NQ/RTY dynamics; US futures all broadly firmer
  • Goldman Sachs has raised its 2020 S&P 500 target to 3700 from 3600, sees it reaching 4200 by the end of 2021 and 4600 by the end of 2022
  • EU and UK negotiators are said to be likely to miss the mid-November (15th November) deadline to reach an accord on a new trade deal, sources state
  • RBNZ maintained the OCR at 0.25% and...
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  • Asian equity markets traded mostly higher as the region continued to benefit from the recent vaccine hopes
  • Wall Street saw mixed performance with a negative bias for tech stocks which suffered again from the rotation out of growth and into value
  • In FX markets, the greenback was slightly softer but with price action contained amid rangebound trade in its major counterparts
  • RBNZ maintained the OCR at 0.25% and LSAP at NZD 100bln as expected, whilst announcing a Funding for Lending...
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