One rule to rule them all

‘Dominic Cummings refuses to quit in row over UK lockdown rules’. Boris Johnson faces another day of pressure following allegations that his top adviser, Dominic Cummings, broke the rules during the UK’s lockdown. Conservative MPs are weighing up whether Cummings’ press conference last night was enough to calm the situation while opposition politicians are to hold talks today to take the next steps to hold Johnson accountable for his top aide. (Bloomberg)
‘Hong Kong’s leader defends security law with protests looming’. Hong Kong’s Chief Executive, Carrie Lam, has defended China’s decision to impose national security laws in the region after fresh protests emerged. In response to China’s move, several governments have put out statements of concern while US officials considered retaliatory action. Further protests are scheduled for Wednesday as a new hearing goes ahead that would criminalise disrespect towards China’s national anthem. (Bloomberg)

Risk appetite returns as Asian equities lead US and European futures higher. Sovereign yields ticked higher across the globe as oil extends its rally along with commodity-linked currencies. The US Dollar edges lower against the majors.

The European Central Bank's Financial Stability Review is at 2pm

US Consumer Confidence out at 3pm

GBP/USD: 1.2250
GBP/EUR: 1.1220
EUR/USD: 1.0920