US EARLY MORNING: US index futures continue higher; Witching may result in some volatility around the open

EQUITIES: US equity futures are continuing to the upside in wake of the Fed's dovish pivot this week. Today's Quad Witching will see options with a value of USD 5.3tln rolling off, with the largest impact seen around the cash open. MarketWatch explains that "many traders will be cashing in bullish bets that are deep in the money, while some roll their positions, forcing market-makers to continue to hedge their exposure," while "managers of index-tracking funds will need to finish adjusting their holdings before the announced index changes take effect." This has already resulted in higher trading volumes this week, some strategists said.

TREASURIES: Treasury yields are a little lower across the curve, which is bull-steepening moderately. We started this week facing the prospects of four Fed rate cuts in 2024, with a chance of a fifth, but as we close out the week, the market has now fully priced six rate cuts next year. There is not a lot on the radar today that could change this dynamic, while next week's PCE data is likely to confirm the disinflationary trends seen in the CPI and PPI releases, which could help embolden these expectations as we close out the year.

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15 Dec 2023 - 09:30- EquitiesData- Source: Newsquawk

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