Today's news headlines: 

‘US sets global daily record of over 1 million virus cases’. More than one million Americans tested positive for Covid on Monday, almost doubling the previous world record set by the United States four days ago. While hospitalisations and deaths remain low, schools and offices are being forced to close and supply chains are being squeezed across the nation as people isolate. (Bloomberg)

‘Europe sleepwalked into energy crisis that could last years’. Europe’s natural gas stockpiles have never been as empty as they are now over winter, causing prices to quadruple from last year’s level. Energy experts expect the crisis will keep prices volatile and lead to rising tensions within the European Union’s 27 member states as the bloc becomes more exposed to the uncertain weather and Russian President Vladimir Putin. (Bloomberg)

Today

US and European equity futures followed Asian stocks higher overnight while European bond yields ticked lower. The Japanese Yen fell to a five-year low against the US Dollar, and oil prices dipped overnight.

Events

Caixin Chinese Manufacturing Purchasing Managers’ Index (Dec): 50.9 (est. 50.0)
French Consumer Price Index YoY (Nov): 2.8% (est. 2.9%)
Markit UK Manufacturing PMI (Dec): 9:30AM
US ISM Manufacturing PMI (Dec): 3:00PM

Interbank rates:

GBP/USD – 1.3495
GBP/EUR – 1.1948
EUR/USD – 1.1295
USD/CAD – 1.2738

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