• European equities are firmer across the board; US futures extend on post-FOMC gains
• In FX, DXY has pulled back further, high-betas outperform and havens lag
• TRY again weakened as Turkish President Erdogan replaced two deputy finance ministers
• Looking ahead, highlights include BoE, ECB, Banxico, press conferences from the ECB, US IJC and the UK Conservative bi-election

CORONAVIRUS UPDATE

US CDC advisers are to...

• The FOMC doubled the QE tapering pace and now sees three rate hikes in 2022; Fed Chair Powell avoided hawkish curveballs
• Chair Powell said the Fed has not taken a position on whether it should pause between the end of the taper and first-rate hike
• Market sentiment saw a knee-jerk lower on the statement and SEP release before risk appetite intensified during the presser
• Asian equity markets traded mixed as the region digested the FOMC...

• Equities remain mixed but with a cautious undertone, ES -0.1%, NQ -0.4%; as newsflow is focused on COVID/geopolitics going into the FOMC
• DXY is softer but pivoting 96.50 with peers mixed and GBP leading after UK CPI; USTs are unchanged, EGBs are pressured, led by Gilts on BoE tightening repricing
• Reports indicate UK PM Johnson will hold a Omicron press conference today, unclear on content; gov't is said to be expecting a record daily case print...

• Asian equities were mixed/rangebound as participants remained cautious following the losses in the US (S&P 500 -0.75%)
• The region also digested mixed Chinese data in which Industrial Production topped estimates but Retail Sales disappointed
• The Senate and House passed the bill to raise the debt limit by USD 2.5tln
• In FX, DXY is modestly softer and sub 96.50 with price action relatively contained in the G10...

• Equities are pressured after a constructive European open, fundamental updates have been minimal and conditions remain thin before the week's risk events; ES -0.2%
• In FX, the DXY has been pressured towards yesterday's low, but remains comfortably above 96.00, to the mixed benefit of peers with EUR/CHF/GBP leading the way
• South African study on vaccines given Omicron finds Two doses of the Pfizer (PFE)/BioNTech (BNTX) vaccine gives 70% protection against...

• Asia-Pac stocks traded mostly subdued following the pullback on Wall Street
• In FX, the DXY has gained a firmer footing above 96.00, activity currencies narrowly lag G10 peers
• The Senate will vote on legislation to raise the Federal Government debt limit today
• Russia said it may be forced to deploy intermediate-range nuclear missiles in Europe in response to what it sees as NATO's plans to do the same
• Looking ahead,...

• Gains in European equities are slightly more pronounced than in US equity futures; Stoxx 600 +0.6%, ES +0.3%
• In FX, USD outperforms with the DXY nearing 96.500 at best; EUR/USD below 1.1300 while USD/JPY extends north of 113.50
• TRY is the EM FX laggard; USD/TRY topped 14.5000 before the CBRT intervened ahead of Erdogan meeting the CBRT Governor
• UK raised its COVID alert level to 4 from 3, and accelerated its booster...

• Asia-Pac equity markets took their cues from last Friday’s gains on Wall Street; US equity futures traded with mild upside overnight
• In FX, the DXY eked mild gains, EUR/USD slipped back under 1.1300 and USD/JPY traded around 113.50
• UK raised its COVID alert level to 4 from 3 and accelerated its booster programme
• UK PM Johnson is reportedly no longer seeking the immediate axing of the ECJ from its role in enforcing the Northern Ireland...

• European bourses are softer while US equity futures are marginally firmer ahead of US CPI; ES +0.3%
• In FX, the DXY extended on gains in European hours, best level just shy of 96.50, and with peers subdued across the board
• PBoC set USD/CNY mid-point at 6.3702 vs exp. 6.3499 (prev. 6.3498); CBRT intervened in FX markets
• Taiwan says 13 Chinese PLA planes entered the Air Defence Identification Zone (ADIZ) on...

• Asia-Pac stocks were on the back foot as the region took its cue from the weak performance in the US
• In FX, DXY was steady in a tight range, USD/JPY traded on either side 113.50, USD/CNH saw volatility at the PBoC CNY fix
• PBoC set USD/CNY mid-point at 6.3702 vs exp. 6.3499 (prev. 6.3498)
• Sources in Brussels are confident regarding a compromise on medicines with the UK before year-end
• US oil export ban is not on the...

• Stocks in Europe have been drifting lower, US equity futures have also succumbed to the modest downside; ES -0.3%
• In FX, the DXY extends above 96.00 with JPY perhaps capping upside while the CNH saw downside on PBoC raising FX RRR by 2ppts
• Chinese PPI topped expectations whilst CPI Y/Y missed but registered the fastest pace of increase since August last year
• Views on the ECB's Governing Council reportedly converging on a limited, temporary...

• Asian equity markets eventually traded mixed as the early tailwinds from the US gradually waned
• In FX, the DXY recouped some of its recent losses, EUR was subdued and JPY was indecisive
• Chinese PPI topped expectations whilst CPI Y/Y missed but registered the fastest pace of increase since August last year
• PBoC is reportedly seeing its special status beginning to erode with the government starting to push its influence on the central bank,...

• Broader sentiment was dented on UK COVID Plan B updates; US equity futures mostly hold onto mild gains
• UK sources suggest an 85% chance of implementing COVID Plan B, potentially from Thursday; press conference at 17:30GMT/12:30EST
• Apple (+0.7% pre-mkt) was forced to scale back its total output target for 2021 and reportedly told suppliers to accelerate iPhone production for November-January
• House approved the measure to speed the debt limit...

• Asian equity markets traded positively; US equity futures saw mild gains overnight after Wall Street closed firmly in the green
• In FX, DXY pulled back, EUR/USD nursed some recent losses, USD/JPY hovered around 113.50 and CAD lagged
• Preliminary results from a small study showed a 40x reduction in neutralization capacity of the Pfizer vaccine against Omicron
• Early hospitalisation data from South Africa showed the new variant could result in...

• European stocks have conformed to the risk appetite seen across global peers; US equity futures continue to rise - ES +1.3%
• In FX, the DXY is firmer but remains capped by 96.50, antipodeans outperform on base-metals while EUR & GBP are only marginally lower
• The RBA maintained its Cash Rate at 0.10% and weekly bond purchases at AUD 4bln until mid-February, as expected
• PBoC has lowered the relending rate by 25bps for agricultural and small...

• Asia-Pac stocks traded mostly in the green following the positive close on Wall Street; US equity futures meandered higher overnight
• In FX, the DXY was indecisive, JPY underperformed, and AUD was boosted post-RBA as iron ore futures gained
• The RBA maintained its Cash Rate at 0.10% and weekly bond purchases at AUD 4bln until mid-February, as expected
• PBoC has lowered the relending rate by 25bps for agricultural and small companies, according...

• Early gains across equities faded; Euro Stoxx 50 +0.5%, ES -0.1%, NQ -0.5%
• PBoC cut the RRR effective from December 15th; 50bp reduction that will release CNY 1.2tln in liquidity.
• The DXY is pressured at fresh lows but retains 96.00+ status with peers mixed as havens lag
• US President Biden and Russian President Putin are to hold a phone call on Tuesday at 15:00GMT/10:00EST
• Saudi Aramco over the weekend raised...

• Asian equities began the week cautiously following last Friday's negative performance stateside
• In FX, the DXY traded within a tight range, EUR and safe havens were subdued and activity currencies outperformed
• UK ministers announced fresh COVID-19 restrictions for travellers entering the UK
• US President Biden and Russian President Putin are to hold a phone call on Tuesday
• Saudi Aramco over the weekend raised official...

• The positivity seen heading into the European open dissipated; US equity futures are seeing modest broad-based losses
• US Democratic Sen. Manchin is skeptical that the Build Back Better bill can pass the Senate this year, CNN sources state
• Caixin Services and Composite PMI data slowed from the prior month, but both remained in expansion territory
• The DXY has edged mild gains above 96.00; GBP was hit by a less hawkish Saunders and TRY saw CBRT...

• Asian equities eventually traded mostly higher following the cyclical-led rebound in the US
• Caixin Services and Composite PMI data slowed from the prior month, but both remained in expansion territory
• The DXY has edged mild gains above 96.00 whilst EUR/USD and GBP/USD hover around 1.13 and 1.33 respectively
• The House and Senate both passed the stopgap funding bill to avert a government shutdown
• Looking ahead,...

• European bourses are firmer across the board with a clear cyclical bias; US futures are in the green with RTY outperforming
• US Conservatives on both sides of the Capitol are reportedly plotting to force a government shutdown Friday
• Chinese Caixin Manufacturing PMI fell short of estimates and slipped back into contraction territory
• The DXY traded on either side of 96.000 whilst TRY whipsawed on CBRT intervention and Erdogan...

• Asian equity markets traded mostly positive as regional bourses atoned for the prior day’s losses
• US equities closed lower (S&P 500 -1.9%) amid ongoing COVID concerns and comments from Fed Chair Powell
• Chinese Caixin Manufacturing PMI fell short of estimates and slipped back into contraction territory
• The DXY is back below 96.00 with activity currencies leading gains against the greenback
• Looking ahead,...

• Initial momentum for APAC equities was faded; European stocks remain under pressure
• This sentiment has seeped into US equity futures; RTY lags, NQ is cushioned by softer yields
• Moderna chief predicts that existing vaccines will be much less effective against the Omicron variant
• WSJ reported Regeneron's and Eli Lilly's COVID antiviral cocktails had lost efficacy vs the Omicron variant
• Oxford University said there is...

• Initial momentum for APAC equities was faded amid downbeat comments from the Moderna CEO
• Moderna chief predicts that existing vaccines will be much less effective against the Omicron variant
• Chinese Manufacturing PMI (Nov) 50.1 vs. Exp. 49.6 (Prev. 49.2)
• Fed Chair Powell stated that the Omicron variant pose downside risks to employment and increased uncertainty for inflation
• The DXY heads into the European session...

• Bourses in Europe are experiencing a mild broad-based rebound; US equity futures also see gains across the board  
• South African Medical Association Chairwoman Coetzee said the new Omicron variant has resulted in mild symptoms so far  
• DXY resides in a tight range, activity currencies are faring well; Friday's outperformers lag  
• OPEC is to delay this week's JTC and JMMC meetings by two days. OPEC and OPEC+ meeting dates...