Morning, Traders!
Hope you enjoyed your holidays.
Today is Tuesday the 27th of December, and here are some things to look out for following the holiday-extended weekend.
Sentiment
As you would expect, yesterday hosted no US data releases in observance of boxing day, and little/no US news came out either, however, China did make an announcement regarding the relaxation of its strict COVID policy.
US stock futures and European equities rose this morning, while the dollar fell, as investors reacted positively to China's rollback of trade isolation measures and the cooling of a key US inflation gauge.
Contracts on the S&P 500 advanced, following in the footsteps of their Asian counterparts after China announced the end of quarantine for inbound visitors.
Investors are hoping for a year-end rally to help offset what has been a brutal run for risk assets. The S&P 500 is down nearly 20%, while Asian and global stocks are down similarly in the worst annual drop since 2008.
The 10-year treasury yield is near 3.75%, up from 1.5% at the start of the year as the Fed waged an aggressive war on inflation.
After beginning 2022 at more than $47,000, bitcoin has remained below $17,000.
Docket
Not many big US data points today
9:00 AM ET
US Case-Shiller 20 YoY for October - Median Forecast: 8% | Range: 8.8% / 7.8% | Prior: 10.43%
Measures the change in price for single-family homes in 20 major US metropolitan areas.
1:00 PM ET
US sells $34 bln 52-Week Bills
US sells $42 bln 2-Year Notes
Good luck!
