Morning 2-3


Via WSj “Most major pharmacy and retail chains will participate in expanding the vaccination effort, including Walgreens, CVS, Kroger and Walmart. (full story)

Jeff Bezos says he will shift from CEO to executive chairman at Amazon.

Annual inflation rate in the Euro Area jumped to 0.9% in January, the most in 12 months, ending 5 months of deflation and beating market forecasts of 0.5%, preliminary estimates showed. 

Both Google and Amazon higher post earnings

Per IHS “more than 80% of reports from SPX companies so far have surpassed analysts’ earnings expectations, with 97% of reports from technology companies beating” …

 Via trading Economics “Annual inflation rate in the Euro Area jumped to 0.9 percent in January of 2021, the highest rate since February of 2020, and ending 5 months of deflation, the annual core inflation, which excludes volatile prices of energy, food, alcohol & tobacco and at which the ECB looks in its policy decisions, jumped to 1.4 percent in January from a record low of 0.2 percent in each of the previous four months….  This provided a brief lift to the Euro.

Mortgage Application jumped 8.1% last week after falling prior 2 weeks.

Mario Draghi has been asked and accepted to try and form a new Government and thus become the new Italian prime Minister.  BTPs Love it yields -8 Bps, Mib loves it +2.27%. What is not to love to have the person who said will do anything to keep the Euro together?

Oil bid again brent Z1-Z2 spread highest in a year. heating oil Crack highest since May, 3-2-1 crack turning Oil into gasoline and Heating oil strongest since April (BBG) yesterday API data reported oil stocks dropped by 4.3m barrels.

◘ The short squeeze is over. Yesterday the Hedge Industry VIP ETF (GVIP +2.47%) outperformed the “Most Short Rolling” index (GSCBMSAL -7.81%) by over ten percentage points, the second-best day on record – Bloomberg. ◘ Crazy factoid of the day: No lows. According to our records, today was only the 6th time in the past 30 years that there were *0* securities on the NYSE falling to a 52-week low at any point during the day. (Sentiment Rader) via mizuho

China’s short-term money market rates continued to ease on Wednesday. The Shanghai Interbank Offered Rate (Shibor) for the overnight tenor fell 45.4 bps to 1.859%. The Shibor for one-week tenor dropped 9.5 bps to 2.146%   good news ahead of next week’s Lunar new year china will be closed from 2-11 to 2-17

  • Mexican ag ministry officials say country’s corn imports could slide 9% in 2021.
  • Gas Buddy reports the national average has risen for the fourth week in a row, rising 1.9 cents per gallon over the last week to $2.42. BBg
  • Disease disrupting Chinese hog herd rebuilding …Again    pro farmer.


  Stocks Bid, Treasury says they will hold increasing size of net issuance for next 3 months as expected. Silver back   bid, hmmmm I thought squeeze was over +2.6%, Platinum +1.4% Gold +.2% Spoos a bit higher Nasdaq +.6%, European bourses higher. Dollar trying to take out yesterdays Highs strong dollar not weighing on commodities take note

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