• An indecisive tone was seen across APAC markets overnight
• US equity futures traded flat with a downside bias
• In FX, DXY traded on either side of 96.500, USD/JPY briefly dipped under 114.00 and AUD/JPY drifted lower
• Oxford and AstraZeneca are working on an Omicron-targeted version of their vaccine
• UK PM Johnson does not think there is enough evidence to justify any tougher restrictions before...

• Sentiment remains positive after a constructive APAC handover, though crude has been choppy and EGBs have seemingly decoupled from brief/broader risk jitters
• European bourses are firmer though gains have trimmed since the cash open while US futures remain bid; ES +0.6%, RTY, +0.1%, lags somewhat
• In FX, the USD has come under pressure taking the index sub-96.50 with peers somewhat mixed as the antipodeans/GBP lead
• The first US death...

• Asia-Pac stocks traded with mild gains following the downbeat lead from Wall Street
• US equity futures edged higher overnight, with the NQ the outperformer and the RTY posting the shallowest gains
• In FX, DXY drifted under 96.500, NZD narrowly outperformed and USD/TRY slumped under 14.0000
• The first US death attributed to the Omicron variant reported in Harris County, Texas
• Turkish President Erdogan said Turkey is...

• European bourses are pressured, but off lows Euro Stoxx 50 -1.4%, in risk-off trade as further COVID restrictions are implemented/touted
• Albeit, sentiment picked up on Moderna's (+5.4% pre-mrkt) prelim. booster update ahead of a 13:00GMT/08:00EST press conference
• Moderna's prelim. booster data shows a boost to neutralising antibody levels 37-fold higher than pre-dose levels
• In FX, DXY has been choppy but retains 96.50 with performance...

• Asia-Pac equities traded lower across the board following the volatile session on Wall Street on Friday
• US equity futures saw losses overnight whilst T-note futures edged higher
• In FX, DXY held onto most of Friday’s gains, USD/JPY eventually dipped under 113.50, TRY saw early weakness
• US Senator Manchin said he cannot support President Biden’s Build Back Better bill
• UK Brexit Minister Frost has resigned; Foreign...

Equities are pressured after a downbeat APAC handover with Quad Witching in focus; ES -0.4%, NQ -0.8%

In FX, the DXY has staged a marked recovery retaking 96.10 to the broad detriment of peers; Cable loses 1.3300, EUR/USD nears 1.1300

WTI and Brent are pressured given broader risk appetite and seemingly constructive geopolitical developments re. Iran

UK will reportedly drop key ECJ demand in an effort to de-escalate tensions with the...

• Asian equity markets were mostly lower with sentiment in the region downbeat after the tech-led declines in the US
• In FX, DXY dipped back under 96.00, EUR/USD eyed 1.1350 and USD/JPY briefly dipped below 113.50
• UK will reportedly drop key ECJ demand in an effort to de-escalate tensions with the EU
• UK Conservative Party lost the North Shropshire seat for the first time in history
• US Senate approved the Uyghur bill...

• 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...