Equities closed lower and BTC was smashed as treasury bond yields begin to get alarmingly high and Trump's press conference was both confronting and confusing.
US treasuries tanked with yield approaching 4.75%. In October 2022 yields hit 5% and markets went illiquid. Recent comment from primary dealers suggest that no-one is too keen to see that 5% again. The treasury buy-back was 5x oversubscribed as dealers took the opportunity to offload off-the-run stock to where they came from.
US 10 Year Govt Bond Yields Daily
Trump Threatens ‘Economic Force’ to Make Canada 51st State [Bloomberg]
Donald Trump refuses to rule out force to take Greenland and Panama Canal [FT]
The dollar was higher, following yields, but still relatively subdued. We're all waiting for markets to break one way or another.
Vietnam Closely Watching FX Market After Dong Fell to Record [Bloomberg]
The Hang Seng and other Chinese exchanges are struggling to keep the index price above where stimulus started.
Hang Seng Daily
30 year JGB yields highest since 2011
30 Year Japan Govt Bond Yield Monthly
China’s Central Bank Buys More Gold as Prices Trade Near Record [Bloomberg]
Crypto
Having eluded the head and shoulders breakdown, BTC suffered a bearish outside reversal. Short term we may test the scene of the crime breakout now at approx 87,000.
Bitcoin Daily
Indonesia joins Brics as newest full member, Brazil foreign ministry says [South China Morning Post]
Released on Tuesday
France CPI December 2024
EU CPI December 2024
US ISM Non-Manufacturing December 2024
U.S. JOLTS Job Openings November 2024
Australia Monthly CPI Indicator YoY November 2024
Inflation rises to 2.3pc, PM rejects responsibility for high rates [AFR]
US ADP Employment and Jobless Claims today instead of Thursday holiday
FED's Waller speaking