Virus Commentary via BBG
China has locked down three cities and asked residents of Beijing, Shanghai and Guangdong province not to leave for the annual Spring Festival holiday, enacting the widest controls the country has had since the initial COVID19 outbreak last year – FT
DENMARK’S PRIME MINISTER SAYS EXTENDING CURRENT LOCKDOWN MEASURES IS NECESSARY – RITZAU
Some Clever people on twitter Are using a new term Ag-Flation yesterday’s USDA Crop report was bullish for grains and beans, below is the Bloomberg Agriculture Subindex up, up and away. No threat of Inflation if the things the Fed doesn’t count keep going up right.
A bit of a rally US yields this week caused by Some Fed comments about tapering Bond buys sooner than markets have priced, per BBG 4 Fed officials have mentioned it’s possible by year end. Pushback did occur yesterday but genie out of bottle so be prepared that traders are starting to worry a bit about Higher rates. Oil higher for the 7th Straight day still rallying off the Saudi cut and now much colder weather in parts of Europe and Asia driving demand for fuel oils a perfect storm so to speak to start year. Be aware that Annual Commodity roll continues till Friday. ECB comments this morning from Lagarde talking about a Strong Euro is not something they want, and she urged a quicker rollout of vaccines and Economic stimulus, she also said Bitcoin should be regulated-BBG.
Stocks sideways to lower Dollar small bid Treasury’s steady but Bunds and Buxls bid, Precious metals blah Today the house will bring articles of Impeachment to the Floor and it appears that a few republicans will vote yes. Also, some talk that People are trying to have trump Resign aka Richard Nixon we will see. CPI data today and now with the run up in grains Mid Weather forecasts will become important as Weather especially in South America Will be driving Force.
Eurozone industrial production rose 2.5 percent from a month earlier in November 2020, a seventh consecutive month of growth and compared with market expectations of a 0.2 percent increase
Italy’s industrial production fell 1.4 percent from a month earlier in November 2020, following an upwardly revised 1.4 percent growth in October and compared with market expectations of a 0.4 percent drop.
Exxon mobile Upgraded by JPM for first time in 7 years-BBG