12-2

 Top news:

Pfizer vaccine wins U.K. authorization… Britain became the first Western nation to grant emergency-use authorization for a Covid-19 vaccine, clearing a shot developed by Pfizer and Germany’s Biotech to be distributed in limited numbers within days. The first 800,000 doses will be available in the U.K. from next week (another 40 million doses are on order), with the vaccines being rolled out at hospitals, vaccination centers, and in the community via GPs and pharmacists …(pro farmer)

  •  Plenty of Stimulus talk out of Congress yesterday but  same old story McConnell offer is too low Dems too high,  Moderate senators put forth a proposal but not getting much traction  Politico Money summed it best “congressional leaders remain on very different paths with just days to strike an agreement. “yesterday’s stimuli talk one of the reasons for sell off in long end and steeping of Curve. Also, Senate would like to add Stimulus bill to the new spending bill if so, the Amount would be much lower then if it was a standalone
  •  Biden announced he won’t soon lift tariffs in China.  Brexit looked like a go yesterday as it entered the “tunnel “but today EU top negotiator said it was too close to call (BBG) GBP -.9%
  • Over the last 20 days, an average of more than 20 million call contracts – bets that stocks will rise – have traded each day across U.S. exchanges, the highest ever – Bloomberg
  • Fauci, the U.S. government’s top infectious disease doctor, said the overwhelming majority of Americans could be vaccinated by the second quarter of next year, leading to herd immunity in the summer Mizuho

Markets:

ADP missed expectations as the number was below both last month and prior trend is lower. Markets unfazed as the continue to price in optimism. Treasuries a bit weaker watch .95% in 10 year yields the most recent highs. Stocks sideways to lower some point to Biden comment regarding tariffs. Euro little changed thus dollar index little changed, Oil sideways yesterday’s API data  leaned bearish, Oil still waiting for tomorrows OPEC + meeting. Powell and Mnuchin appear in front of House panel no fireworks expected. Economic calendar empty

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