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IEA says that resurgence in coronavirus cases slows oil demand rebound

IEA slashes oil demand forecast as fresh lockdowns temper with the recovery outlook in Q1 The fear is that the vaccine timeline runs into trouble and tighter restrictions may still be needed in Q2 or perhaps even Q3 if things go awry in the coming months.

Eurozone November current account balance €24.6 billion vs €26.6 billion prior

Latest data released by the ECB - 19 January 2021

Heads up: Yellen's confirmation hearing for Treasury secretary later today

Guess who's back The key risk event to watch in the market today will be Janet Yellen's confirmation as Treasury secretary later today. She will be testifying in Congress at around 1500 GMT and her comments on the market - especially on the dollar - will be heavily scrutinised.

German chancellor Merkel reportedly wants to extend lockdown measures until 15 February

Bild reports with the headline I don't think this is much of a surprise given the current virus situation in Germany but just be aware that the announcement (alongside other potential measures) could come as soon as later today, as warned earlier .

Dollar slips on more positive risk tones to start the session

The dollar and yen are the laggards in trading so far today This comes amid a backdrop of a more positive open in European equities with S&P 500 futures also seen up by 0.8% as we get things going on the session.

European equities open higher to start the day

The risk-on vibes carry over to Europe - Eurostoxx +0.6% - Germany DAX +0.6% - France CAC 40 +0.5% - UK FTSE +0.6% - Spain IBEX +0.8% A solid start as the market keeps a more positive risk push to get the session underway. 10-year Treasury yields are up 2.5 bps to 1.109% and the overall mood is continuing to pin

Easter to provide another Christmas fiasco for UK virus restrictions?

UK prime minister, Boris Johnson, is said to target easing virus restrictions by Good Friday i.e. 2 April to allow families some small contact again Times Radio's chief political commentator, Tom Newton Dunn, tweets:

What is a bond yield curve?

Trading 101 You may have seen and read report that talk about the 'yield curve'. You may know that the phrase has something to do with bonds, but otherwise perhaps you shrugged your shoulders and moved on. Understanding why investors look at the yield curve is one part of the puzzle that investors look at when

Switzerland December producer and import prices +0.5% vs -0.1% m/m prior

Latest data released by the Federal Statistics Office - 19 January 2021

Europe car sales plunged by the most on record in 2020

New-vehicle registrations fell by a whopping 24% last year In terms of raw figures, new-vehicle registrations for the whole of 2020 was 11,961,182 as compared to the 15,805,658 recorded back in 2019.

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