• European bourses are tentative whilst US equity futures are modestly lower as markets await US CPI.
• DXY is flat/incrementally firmer, USD/JPY briefly topped 159.00 as Takaichi eyes a snap election; some modest strength in JPY overnight, on Finance Minister Katayama who said US Treasury Secretary Bessent shares the concerns over the weak JPY.
• Bearish bias from APAC trade, driven by JGBs. Bunds mildly pressured on a weak Bobl outing.
• Spot gold...

• Trump admin nears a deal with Taiwan; trade deal would cut tariffs and include a commitment from TSMC (TSM) to build more manufacturing plants in the US.
• USD/JPY initially saw weakness following comments by Japan’s FinMin Katayama stating that US Treasury Secretary Bessent shares the concerns over the weak JPY; PM Takaichi confirmed her intent to hold snap elections, Kyodo reports.
• US President Trump has been briefed on a range of military and covert options against...

• US Federal prosecutors have opened a criminal investigation into Fed Chair Powell over the central bank’s renovation of its Washington headquarters, and whether Powell lied to Congress about the scope of the project, NYT reported, citing officials.
• US President Trump said Iran has proposed negotiations after he threatened action against Tehran for the crackdown on protesters, AP News reported.
• US President Trump is to be briefed on Tuesday on "some kinetic and many...

• US Federal prosecutors have opened a criminal investigation into Fed Chair Powell over the central bank’s renovation of its Washington headquarters, and whether Powell lied to Congress about the scope of the project, NYT reported, citing officials.
• Fed Chair Powell said the DoJ served the Fed with subpoenas, threatening indictment; Powell said he will continue to do the job.
• US President Trump said Iran has proposed negotiations...

• MON: Japanese Holiday (Coming of Age Day); M2 & New Yuan Loans (Dec)
• TUE: EIA STEO; US NFIB (Dec), CPI (Dec)
• WED: NBP Policy Announcement; US PPI (Nov; Oct-cancelled), US Retail Sales (Nov)
• THU: UK GDP Estimate (Nov), EZ Trade (Nov), US Export/Import Prices (Dec; Nov-cancelled), NY Fed Mfg survey (Jan), Weekly Claims (w/e 3rd Jan), Chinese House Prices (Dec)
• FRI: US Industrial Production...

• US President Trump cancels a second attack on Venezuela, suggesting the two countries “are working well together”.
• US President Trump said companies will spend at least USD 100bln in Venezuela, and he will be meeting oil executives today.
• European equities open firmer; Rio Tinto (-2%) & Glencore (+8%) resume merger talks; US equity futures trade tentatively ahead of NFP.
• DXY moves higher whilst USTs trade steady ahead of key US data; JPY...

• APAC stocks followed suit to the mixed performance on Wall Street with the regional bourses predominantly in the green, albeit with traders bracing for the US Non-Farm Payrolls report and a potential Supreme Court's ruling on tariffs.
• US President Trump warned that the US will hit Iran hard if they kill rioters.
• US President Trump said companies will spend at least USD 100bln in Venezuela, and he will be meeting oil executives today.
• Big...

• US President Trump's team is working up a sweeping plan to control Venezuelan oil for years to come, according to WSJ.
• US President Trump posted that Venezuela is going to be purchasing only American-made products with the money received from the new oil deal with the US.
• European and US equity futures are broadly on the backfoot; China is to reportedly approve some NVIDIA H200 purchases as soon as this quarter.
• DXY incrementally firmer...

• APAC stocks eventually traded mostly negative following a similar handover from Wall Street, where the S&P 500 and DJIA pulled back from record highs.
• USD/JPY saw two-way trade with early upside as Japanese yields ticked lower following softer-than-expected wage data from Japan, but then reversed course as the negative risk tone in Japan spurred some mild haven currency flows.
• US President Trump's team is working up a sweeping plan to control Venezuelan oil for...

• Crude pressured after US President Trump announced that Venezuelan authorities will be turning over 30mln-50mln barrels of oil to the US.
• China's Commerce Ministry announced an anti-dumping probe into Japan Dichlorosilane imports; a key material used during chip manufacturing.
• European and US equity futures are mixed; NVIDIA (NVDA) CEO says Chinese demand for its AI chips is quite high.
• Choppy but contained FX trade as markets await economic...

• APAC stocks traded somewhat mixed as momentum began to wane despite the fresh record levels on Wall Street.
• Nikkei 225 lagged amid Japan's frictions with China after the latter imposed export controls on dual-use items to Japan.
• Spot gold pulled back from resistance at the USD 4,500/oz level, with some mild selling pressure seen across the commodities complex.
• US President Trump announced that Venezuelan authorities will be turning over...

• US President Trump is scheduled to deliver remarks at a GOP member retreat at 10:00EST/15:00GMT on Tuesday and will participate in a meeting at 14.30EST/19:30GMT on Tuesday.
• China Commerce Ministry imposes export controls on dual-use items to Japan, effective immediately.
• European bourses are mostly firmer; US equity futures are mixed, with the RTY under slight pressure.
• Mostly uneventful trade across G10s but EUR subdued post-PMI &...

• APAC stocks were mostly higher following the positive handover from Wall Street, where all major indices gained amid outperformance in energy and a softer yield environment.
• US President Trump is scheduled to deliver remarks at a GOP member retreat at 10:00EST/15:00GMT on Tuesday and will participate in a meeting at 14.30EST/19:30GMT on Tuesday.
• Witnesses reportedly heard loud blasts near the Presidential Palace in Caracas, Venezuela, according to Bloomberg's Erik...

• US President Trump announced on Saturday that the US successfully carried out a large-scale strike against Venezuela, while he added that President Maduro and his wife were captured and flown out of Venezuela.
• US President Trump said they are ready to stage a second strike if necessary and had assumed a second wave was needed, but now probably not.
• US President Trump signalled the US could widen its focus in the region to Cuba, and he will be meeting with House...

• US President Trump announced on Saturday that the US successfully carried out a large-scale strike against Venezuela, while he added that President Maduro and his wife were captured and flown out of Venezuela.
• US President Trump said they are ready to stage a second strike if necessary and had assumed a second wave was needed, but now probably not.
• US President Trump signalled the US could widen its focus in the region to Cuba, and he will be meeting with House...

• SUN: OPEC+
• MON: European Epiphany holiday (No After-Hours Trading in Italy); UK Mortgage Approvals/Lending (Nov), US ISM Manufacturing PMI (Dec), Final PMIs (Dec)
• TUE: European Epiphany holiday (No After-Hours Trading in Italy); French & German Prelim HICP (Dec), EZ Final PMIs (Dec), UK Final PMIs (Dec)
• WED: Australian CPI (Nov), German Retail Sales (Nov), Unemployment (Dec), Chinese FX Reserves (Dec), EZ Flash HICP (Dec), US...

• US President Trump warned that the US will “rescue” Iranian protestors if they are shot; the US is “locked and loaded and ready to go”.
• Ukrainian President Zelensky said they are 10% away from a deal to end the war with Russia but not ‘at any cost’, according to The Independent.
• Ukrainian authorities in Zaporizhzhia on January 2nd noted of over 700 Russian attacks on the territory of the province "in the past hours", according to Al...

• Japan is to reduce its new issuance of super-long JGBs next fiscal year to around JPY 17tln, according to Reuters sources.
• European equity futures are closed as Eurex observes the Christmas Eve holiday. US equity futures are very modestly lower in thin conditions.
• DXY is flat, JPY is very mildly stronger continuing recent advances.
• JGBs soft overnight but have been driven higher in recent trade, USTs flat.
• Crude...

• APAC stocks traded mixed and within narrow ranges following a largely positive lead from Wall Street. APAC lacked conviction amid light newsflow and anaemic volumes as markets wound down ahead of the holidays.
• DXY was choppy, and JPY strengthened before trimming some gains. G10 FX largely moved with the USD.
• Spot gold and silver both hit fresh all-time highs at above USD 4,500/oz and USD 72.70/bbl. 
• European equity futures are closed as...

• US President Trump said US will keep ships and oil seized near Venezuela.
• European bourses are mixed on either side of the unchanged mark, US equity futures are mostly incrementally firmer ahead of US data.
• DXY is under pressure whilst the JPY continues to strengthen; Antipodeans benefit from strength in metals prices.
• JGBs lead global fixed income higher after PM Takaichi rejected any "irresponsible bond issuance or tax cuts", via a Nikkei...

• APAC stocks eventually traded mixed after initially taking their cue from Wall Street, although volumes and news flow remained subdued as markets wound down for the holiday period.
• JPY extended its prior session’s advances, and USD/JPY eventually dipped under 156.00, whilst the CNH saw notable strength. 
• US President Trump said the US will keep the ships and oil seized near Venezuela.
• Novo Nordisk (NOVOB DC) said the Wegovy pill is...

• US Coast Guard officials over the weekend tracked two oil tankers in international waters close to Venezuela, marking three tankers within the past week.
• Russia’s Kremlin said changes made by Ukrainians and Europeans to peace proposals did not bring agreements closer or add anything positive, IFAX reported.
• Israeli PM Netanyahu reportedly plans to brief US President Trump on possible new Iran strikes, according to NBC News.
• European bourses...

• APAC stocks kicked off the week with gains across the board as the region coat-tailed on the strength seen stateside. Tech outperformance continued across the region.
• US Coast Guard officials over the weekend tracked two oil tankers in international waters close to Venezuela, marking three tankers within the past week.
• Russia’s Kremlin said changes made by Ukrainians and Europeans to peace proposals did not bring agreements closer or add anything positive, IFAX...

• MON: PBoC LPR, UK GDP (Q3)
• TUE: BoC Minutes (Dec Meeting), RBA Minutes (Dec Meeting), US Richmond Fed (Dec)
• WED: Christmas Eve, ECB Wage Tracker, US Durable Goods (Oct)
• THU: Christmas Day, PBoC MLF, Japanese Tokyo CPI (Dec), Japanese Activity Data (Nov)
• FRI: Chinese Industrial Profits YTD (Nov)
• 30th Dec: FOMC Minutes

PBOC LPR (MON): Expected to be a...

• US President Trump’s administration initiated a multi-agency review of NVIDIA (NVDA) H200 licenses for sales to China, according to sources cited by Reuters.
• US President Trump is scheduled to make an announcement at 13:00EST/18:00GMT on Friday and will deliver remarks on the economy at 21:00EST/02:00GMT.
• European bourses are mixed whilst US equity futures are broadly firmer, with outperformance in the NQ.
• DXY is firmer, whilst the JPY...