Morning 1-22

  A bit of Risk OF Theme Stocks worldwide lower Dax -.9%, Italy’s Mib -1.9% NKY closed lower .44%, Kospi -.64%, Hang Seng -1.6%, Shanghai Stocks -.4% after touching 5 year highs the prior Day(trading economics). Spoos -.7% Nasdaq -.54%. PMI data in Europe in line to lower vs Expectations but more importantly they were lower than prior month.  Citi’s European Economic Surprise index trending Lower, Germany cut 2021 GDP forecast, Travel and leisure sector  -3% largest decliner in Europe plays into the virus worries, UK PM Johnson hinting that Lockdowns could last into Summer, UK Services PMI collapsed from 49.4 to 38,8.European nation grappling with delays in vaccination programs(BBG),This headline out of Canada “EXCLUSIVE-CANADA DEPORTING THOUSANDS OF NON-CITIZENS AS COVID-19 RAGES -GOVERNMENT DATA and this  Which I will need a bit more  info On “BIDEN ADMIN IS SAID TO PUT TEMPORARY RESTRICTIONS IN STATES WITH HIGH SURGE IN COVID 19 CASES#BreakingNews” From twitter.  Virus worries at least for now weighing on Sentiment Lastly pushback regarding Bidens stimulus plan getting a bit stronger in the senate. Intel Earnings a bit of Disappointment stock -4% premarket. A slight Positive 42 US States has seen the 7-day case average drop more then 10% vs last week.

  Commodities lower today across the spectrum Oil -2.5%, Nat gas -2.4%, Copper -2%, Gold -1%, Silver and platinum both down 2%, per Nickel just off Multi year highs down 2.4%. Dollars index up a touch trading in a pretty narrow range. So, it takes some of the Blame for weaker commodities but real rates higher so far this morning something I am monitoring closely. Soybeans -2.23%, Corn -1.6%, Coffee -.8%, But Lumber closed limit bid yesterday, and premarket limit bid again. Treasury Curve a bit flatter, same in Germany.  Bitcoin traded below 30k, Russa increase size of Wheat crop by almost 1 MMT on improved weather hmmm then why are raising Export tax??


  •  A new strain of African swine fever (ASF) has infected more than 1,000 sows on several farms owned by China’s New Hope Liuhe, the country’s fourth largest producer, as well as pigs at the company’s contract farms, says Yan Zhichun, the company’s chief science officer.
  • JBS USA and Pilgrim’s Pride will pay employees bonuses to get vaccine.
  • Via politico ““The head of the IRS suggested … it could be tricky for the agency to distribute another round of stimulus payment during this year’s tax-filing season. ‘We need some time to program and reprogram,’ said Commissioner Charles Rettig, when asked about Democrats’ plans for another round of payments.”
  • Bloomberg’s Saleha Mohsin and Jenny Leonard: “Yellen … said she would work with lawmakers to fast-track a series of tax increases on corporations and wealthy Americans as the Biden administration tries to pass spending on infrastructure and expanding the social safety net.”

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