Despite more ramblings from Juncker this morning, the overnight session in Asia saw comments on downside risks from the BoJ drive risk assets modestly lower. Led by Japan, Asia-Pac equities were down around 0.3%. While EURUSD is higher by 25pips or so from Christmas Eve’s close (and implicitly USD weaker), commodities are broadly underperforming with Copper worst (-1.3%), Gold (under $1600) and Silver in line -0.8%, and Oil just underwater from 12/23 close. European credit markets just started trading and are a smidge tighter – though liquidity is questionable for now – butsovereigns are leaking wider in spread with Italian 10Y worst for now +13bps (and BTP yields now breaking 7% again). US TSYs are 1-2bps lower in yield from the afternoon surge on Christmas Eve’s discorrelated action. Given the markets that are open so far, CONTEXT (a broad risk market proxy for where ES – the e-mini S&P futures contract – should trade) is practically unchanged, which given the late-day surge on 12/23, leaves us looking for modest weakness when it re-opens later today.

Euro is holding up for now – up round 30 pips from 12/23 close.

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