Perhaps catalyzed by Goldman's persistent bullishness (see "As Markets Slide, Here Is Goldman's Bull Case: $125 Billion In January Inflows"), or perhaps it was just a booster shot of optimism that vaccines will keep the omicron outbreak in check coupled with hope for a revival of Joe Biden’s $2 trillion economic package (see "Here Is The "Fallback Plan" Manchin Would Support... And Why Goldman Thinks It Wouldn't Move The Needle"), or maybe the Santa rally decided to make a scheduled appearance (it usually begins on Dec 21) but on Tuesday US futures, Asian markets and European bourses all rebounded after three days of steep selling. Emini S&P futures were up 1% or 44.50 points, Nasdaq futures were up 170 points ot 1.09% and Dow futures were up 314 points or 0.9% as the recent bout of turbulent moves continues. Europe's Estoxx50 was higher by 1.3% as the mining sector climbed 2.4%. Asia stocks closed higher bolstered by a rebound in Japan (+2.1%) and a rally in Chinese property developers. 10Y yields rose above 1.45%, the dollar was flat and cryptos jumped, with bitcoin trading close to $50,000 again and ether above $4000.
Markets have been whipsawed going into the holiday season as investors assess economic risks from the spread of the omicron virus variant and a hawkish central-bank pivot. While sentiment took a hit after Democratic Senator Joe Manchin rejected President Joe Biden’s tax-and-spending package on Sunday, a call between the two has stoked optimism the deal isn’t dead, prompting speculation that the Fed may have no choice but to delay its tightening campaign as $1.75 trillion in fiscal stimulus won't be coming.
Also collapse of BBB - i.e., loss of $1.75T in fiscal stimulus - means Fed will have to ease monetary stimulus tightening. Expect Fed speakers to address this in coming days https://t.co/hDq6cPIcgA— zerohedge (@zerohedge) December 21, 2021
Reversing a dismal trend, China’s developer stocks jumped the most in a month and traders are not certain of the catalyst. In Europe, electricity prices leaped to a record as a shortage of natural gas put pressure on power grids already struggling with nuclear outages and freezing temperatures.
In the latest Omicron news, Biden will send 500 million free coronavirus tests to homes starting in January and send the military to help overwhelmed hospitals amid a resurgence of omicron cases. In a speech later today, Biden will encourage schools to remain open and is not expected to call for lockdowns.
Looking at the premarket, Micron climbed 7.6% after the largest U.S. maker of memory chips forecast second-quarter sales that beat analyst estimates. Wells Fargo says the guidance and commentary “could provide confidence in fundamental bottom” for fiscal year 2022. Nike rose 3.2% before the bell after the company’s sales beat analysts expectations, despite its business in China plummeting last quarter. Analysts said the company can overcome Covid-related hurdles. Here are some of the other big movers today:
- Crypto-exposed stocks rebound in U.S. premarket trading on Tuesday as Bitcoin rises amid a volatile period for the digital currency. Marathon Digital (MARA US) and Riot Blockchain (RIOT US) rise 5.2% and 4.6%, respectively.
- Renewable stocks and EV makers rise in premarket trading, set to rebound from the previous session’s losses, amid hopes that talks will revive President Joe Biden’s economic package. Tesla (TSLA US) gains 1.1%, Nikola (NKLA US) adds 1.5%.
- DBV Technologies ADRs (DBVT US) fall 16% premarket after the company informed the U.S. FDA it plans to start a pivotal Phase 3 clinical study for a modified Viaskin Peanut patch in children. Kempen says the development is “far from favorable” as it means increased clinical risks and investment.
- Aldeyra Therapeutics (ALDX US) shares fell 36% in after-market trading after the biotech company said it did not meet its primary goal for treating ocular redness in the Phase 3 trial of its Tranquility drug.
- Braze (BRZE US) climbed 13% in extended trading after giving a revenue forecast for fiscal 2022 that exceeded the average analyst estimate. The software company also provided a narrower-than-projected outlook for full-year adjusted loss.
Meanwhile in Europe, stocks also bounced back from the worst drop in three weeks amid optimism that growth can overcome risks from the omicron variant. The Stoxx Europe 600 Index rose 1.1% as of 730am ET, with miners and energy pacing gains as commodities recovered. The technology sector got a boost from Micron Technology Inc.’s upbeat forecast. The Traditional Year-End Rally Might Be Canceled: Taking Stock Investors are monitoring virus and lockdown news as British Prime Minister Boris Johnson held off introducing stricter coronavirus rules in the country, but left open the prospect they’ll be needed soon. The number of Londoners hospitalized with the virus is rising sharply. “Omicron is seen as causing a pause in the recovery but it’s clearer that the variant is more contagious but less lethal,” said Francisco Simon, head of discretionary tactical asset allocation for global multi-asset solutions at Santander Asset Management. “Omicron and hawkishness are the main drivers of the market moves in this year end.” European shares have fallen from record highs in recent weeks amid concern about Covid-19 hurting the economic recovery and as central banks turn more hawkish in response to surging inflation. Also helping sentiment today was optimism that President Joe Biden hasn’t given up on his roughly $2 trillion Build Back Better plan after Senator Joe Manchin rejected it. Among individual moves, Bollore SA jumped after getting an approach for its African transport and logistic business, while Zur Rose Group AG slumped amid further delays in making e-prescriptions mandatory in Germany.
Asian stocks gained as dip-buyers emerged following a two-day selloff that pushed the regional benchmark to a 13-month low amid concerns on the omicron variant’s spread and U.S. monetary and fiscal policy. The MSCI Asia Pacific Index advanced as much as 1.3% Tuesday, driven by gains in the technology and consumer discretionary sectors. Asian semiconductor-related stocks rose after U.S. memory-chip maker Micron gave a strong forecast while property-developer stocks gained in Hong Kong and China amid signs of policy support. There was marked improvement in sentiment after the recent bout of risk-off trading sparked by worries about renewed mobility restrictions, higher U.S. interest rates and prospects for Joe Biden’s economic agenda. U.S. stock futures climbed during Asian trading hours, and there were reports of talks between Biden and Senator Joe Manchin that could draw the latter’s support for the president’s plan.
“With no news of note hitting the wires, it appears that short-covering in U.S. index futures has been enough to attract the fast money back into local markets in a classic follow-the-leader move,” Jeffrey Halley, senior market analyst at Oanda Asia Pacific, wrote in a note. Japan led gains around the region, with the Nikkei 225 closing up 2.1% as the government raised its monthly view of the economy for the first time since the summer of 2020. Shares also rose in Australia, where the central bank presented an upbeat view of the economy. Tencent and Meituan were among the biggest contributors to the MSCI Asia Pacific Index’s gains.
Indian stocks tracked Asian and European peers higher, recovering from a sharp selloff in previous sessions, even as concerns continue to rise over the central bank’s liquidity-withdrawal measures. The S&P BSE Sensex rose 0.9% to 56,319.01 in Mumbai, after posting its biggest two-day plunge in eight months on Monday. The benchmark gained as much as 1.9% during the session but pared its advance, dragged by financial stocks including Axis Bank and Bajaj Finance. The NSE Nifty 50 Index also advanced by a similar magnitude. All 19 sector sub-indexes compiled by BSE Ltd. climbed, led by a gauge of basic materials companies. Foreign investors in India have net sold $1.2b of local stocks this month through Dec. 17, ahead of the holiday season on back of rising volatility in global equities. In a surprise move, the Reserve Bank of India removed funds worth 2 trillion rupees ($26.3 billion) using a 3-day reverse repo auction Monday, signaling efforts to take out excess liquidity from the banking system. “The market mood remains negative,” said Prashant Tapse, an analyst with Mehta Equities. Foreign investors will likely remain sellers of Indian stocks for few weeks due to lack triggers, he added. “Immediately we may not see any reversal in FII selling, may be some change in January, ahead of the federal budget presentation.”
In FX, the Bloomberg Dollar Spot Index inched lower as it continued to pare Friday’s gain and the greenback weakened against all of its Group-of-10 peers apart from the franc and the yen; the Treasury curve steepened a second day and yields rose across all tenors. The euro pared gains after rising beyond $1.13 and European bonds underperformed Treasuries. The pound rose, erasing Monday’s losses against the dollar, as risk appetite improved. Domestic focus remains on the likelihood of stricter coronavirus restrictions amid the rapid spread of omicron. Australia’s sovereign curve steepened further as minutes of the RBA’s December meeting saw an end to QE by May 2022. Aussie dollar consolidated with a bounce in iron ore and stocks. The yen eased as U.S. yields extended their climb ahead of a 20-year Treasury auction later in the day. Bonds tracked U.S. debt’s weakness.
Turkey’s lira swung wildly after rallying nearly 50% this week, as investors weighed the sustainability of government measures to shore up the currency. Turkey’s emergency measures to bolster the volatile lira are in effect an interest rate hike in disguise, leaving the government budget more vulnerable to future currency shocks; here’s how it works. Japanese day traders’ affection for the Turkish lira is getting seriously tested, with the currency’s extreme volatility leaving the hardiest speculators hanging in there. China’s central bank fixed the yuan’s daily reference rate at a level weaker than expected by analysts, signaling that the authorities want to slow the pace of currency’s appreciation.
In rates, Treasuries continued their decline, with the 10Y yield rising to 1.45%, led by the long-end of the curve following a wider bear steepening move across bunds and gilts. Risk-on backdrop sees stocks trade higher, unwinding portion of Monday’s losses while U.S. $20b 20-year bond sale may also be weighing on long-end. Treasury yields are cheaper by up to 2bp from 10-year out to 30-year sectors, steepening 2s10s, 5s30s spreads by 0.8bp and 0.5bp; German 10-year bonds lag by 1.5bp vs. Treasuries, while German 5s30s spread is wider by 3.2bp on the day. U.S. auctions resume with $20b 20-year bond reopening at 1pm ET; WI yield around 1.92% is 14.5bp richer than November stop-out, which tailed the WI by 1.4bp.
In commodities, crude futures hold in the green. WTI rallies over a percent, regaining a $69-handle, Brent climbs back above $72. Spot gold pops small higher, stalling just shy of $1,800/oz. Base metals are well bid with LME aluminum and zinc outperforming.
Looking at the day ahead now, data releases include the UK public finances for November, Germany’s GfK consumer confidence reading for January, the US current account balance for Q3, and the Euro Area’s advance consumer confidence reading for December. Central bank speakers include the ECB’s Kazimir, whilst President Biden is set to deliver a speech on Covid.
- S&P 500 futures up 0.7% to 4,588.50
- STOXX Europe 600 up 0.9% to 471.50
- MXAP up 1.1% to 189.85
- MXAPJ up 1.0% to 613.11
- Nikkei up 2.1% to 28,517.59
- Topix up 1.5% to 1,969.79
- Hang Seng Index up 1.0% to 22,971.33
- Shanghai Composite up 0.9% to 3,625.13
- Sensex up 0.8% to 56,266.97
- Australia S&P/ASX 200 up 0.9% to 7,355.05
- Kospi up 0.4% to 2,975.03
- German 10Y yield little changed at -0.35%
- Euro up 0.2% to $1.1299
- Brent Futures up 0.2% to $71.65/bbl
- Gold spot up 0.3% to $1,796.73
- U.S. Dollar Index down 0.20% to 96.36
Top Overnight News from Bloomberg
- Anyone gearing up for bond yields to surge in 2022 should think again. A global glut of saved cash has the potential to restrain an increase in rates, even as central banks dial back their pandemic stimulus
- ECB Governing Council member Peter Kazimir says there’s still a long way to go to reach monetary-policy normalization following last week’s confirmation of an exit from pandemic bond-buying
- European electricity prices surged to a fresh record as the region scrambled to keep the lights on in France, the region’s second-biggest market
- Boris Johnson’s government suggested there won’t be new coronavirus restrictions imposed before Christmas, as ministers stressed the need to balance public health with protecting the U.K. economy
- U.K. debt costs are rising at the fastest pace since the aftermath of the global financial crisis, a potential headache for Chancellor Rishi Sunak as he faces pressure to spend more to help businesses weather the impact of the omicron variant
- President Joe Biden will send 500 million free coronavirus tests to Americans’ homes beginning next month and dispatch the military to shore up overwhelmed hospitals as the U.S. confronts a resurgent pandemic
- President Joe Biden spent time on Friday with an aide who tested positive for coronavirus infection three days later but has so far tested negative himself, White House Press Secretary Jen Psaki said in a statement
- The omicron variant accounted for 73% of all sequenced Covid-19 cases in the U.S., surging from around 3% last week, according to the latest federal estimates
- Some of the world’s biggest banks are paring back their Libor transition programs after collectively spending billions of dollars on the seismic shift away from the discredited rate
- The number of crypto-tracking investment vehicles worldwide more than doubled to 80 from just 35 at the end of 2020, according to Bloomberg Intelligence data. Assets soared to $63 billion, compared to $24 billion at the start of the year
A more detailed look at global markets courtesy of Newsquawk
Asia-Pac stocks traded with gains across the board following the downbeat lead from Wall Street which saw all the majors post relatively broad-based losses, with some mild underperformance in the Russell 2000. Reopening plays were among the biggest losers, although Micron shares rose over 7% at one point amid blockbuster earnings. US equity futures resumed trade firmer and held onto mild gains overnight, but the upward momentum briefly paused after the US reported its first death attributed to the Omicron variant. Back to APAC, the ASX 200 (+0.9%) was supported by gains in some large-cap miners, although Pilbara Minerals shares slumped over 7% after cutting FY22 production and shipment guidance while announcing average sales price is expected at the higher end of prior guidance. The Nikkei 225 (+2.1%) outperformed as it nursed some of yesterday’s losses and reclaimed the 28k level to the upside. The KOSPI (+0.4%) initially traded between gains and losses before conforming to the mild positive tone. The Hang Seng (+1.0%) and Shanghai Comp (+0.9%) were also firmer in holiday-thinned trade, with major macro newsflow from the region light, although large Chinese tech names were spooked by further crackdown concerns after a Chinese social media influencer was hit with a USD 210mln for tax evasion. In fixed income, US 10yr Futures traded with a mild downside bias as stocks remained in the green, with 10yr JGB futures following suit from its US counterpart.
Top Asia News
- China Influencer Crackdown Exposes Loophole Used to Hide Wealth
- Thailand Halts Quarantine-Free Entry as Omicron Tops Tourism
- Chinese Developer Stocks Jump Most in a Month: Evergrande Update
- Pakistan’s Imran Khan Concedes Election Loss in Stronghold Area
European bourses kicked the session off with gains of around 1.0% across the board, in-fitting with the lead from futures and APAC trade. News flow has been exceptionally quiet, and the economic releases docket is thin. Catalysts are also thin, but traders are predominantly keeping an eye on COVID updates and geopolitics. Sectors are all in the green and the breakdown initially had some of yesterday’s laggards – including Travel & Leisure – trading towards the top of the pack; however, since then, the best performing sectors are now Basic Resources as metals prices pick up, and Technology after US chipmaker Micron’s update afterhours on Monday; Micron (+6.6% premarket) beat on top- and bottom-lines, and expects that the chip shortage will moderate throughout 2022. Elsewhere on the earnings front, Nike (+3.4% premarket) also reported after the US close, and its decent report is buoying other industry retailers like JD Sports (+4.5%). Finally, while the majority of European movers are dictated by the above macro action/US earnings, Zur Rose (-9.5%) is the notable laggard after reports that Germany has postponed digital prescriptions.
Top European News
- Kazimir: Last Week Started Long Path to ECB Policy Normalization
- Kitron Surges 10% After Buying EMS Provider for DKK600m
- U.K. Holds Off Pre-Christmas Virus Curbs With Eye on Economy
- Turkey to Announce Details of Lira Deposit Support on Tuesday
In FX, the Greenback looks a bit more vulnerable as the broad risk tone improves to set up a turnaround Tuesday of sorts, but US Treasuries trade largely flat in contrast to their EU equivalents, irrespective of looming 20 year issuance that might need a decent concession to ensure a warm reception in restrained pre-Xmas/New Year holiday trade. Moreover, the index appears to be losing momentum around the 96.500 mark after a less pronounced bounce between 96.543-337 parameters, while crude oil, precious metals and even the friendless Turkish Lira have reclaimed lost ground against the Buck. In fact, the TRY staged a very impressive comeback to circa 11.7170 at best from 18.3600+ at one stage yesterday as President Erdogan backed up words with action when he announced multiple measures aimed at curbing volatility (depreciation) in the currency, details of which will be divulged by the Finance Minister from 11.00GMT.
- NZD/GBP - Far from zeros to heroes, but the Kiwi and Pound are faring much better than they were at various times during Monday’s bouts of aversion, as Nzd/Usd hover just under 0.6750 and Cable crests 1.3250 near a Fib retracement, regardless of ongoing pandemic issues that are plaguing both nations. On that note, New Zealand has been forced to delay its staged border reopening to February from January, while the UK awaits more data before deciding whether to impose a circuit breaker after Boxing Day.
- AUD/EUR - The next best majors, or beneficiaries of their US peer’s pullback as the Aussie regains a firmer footing above 0.7100 and the Euro mounts another attempt to breach 1.1300 convincingly. However, Eur/Usd faces further option expiry-related resistance to augment any psychological reluctance to break beyond the round number as 1.3 bn rolls off from 1.1295 to 1.1300, while Aud/Usd may be hampered by RBA minutes underlining its dovish-leaning stance.
- CAD/JPY/CHF - All narrowly mixed vs their US counterpart as the Loonie wanes alongside WTI in the run up to Canadian retail sales and new house prices, while the Yen is back below 113.50 even though media reports suggest that the Japanese Government is mulling an upgrade to its fiscal 2022 real GDP growth forecast to 3.0% or more vs 2.2% previously. Elsewhere, the Franc is eyeing 0.9200 again in wake of Swiss trade data showing a record surplus.
- SCANDI/EM/PM - No real reaction to rather conflicting Swedish sentiment indicators or stagflationary NIER forecasts for 2022 CPIF and GDP as Eur/Sek straddles 10.3100, but the Nok is deriving some traction from the aforementioned stabilisation in Brent to test 10.17000 vs lows approaching 10.2200 against the Eur. Meanwhile, the Cnh and Cny have gleaned impetus from a firmer PBoC midpoint fix and the Rub via Brent plus the RIA asserting a possibility of Russia and the US striking an understanding on security guarantees. Conversely, the Zar has not received a fillip from Gold holding at the 100 DMA and inching towards Usd 1800/oz.
In commodities, WTI and Brent are conforming to the broader risk themes, and are directionally in-tune with European equities, though magnitudes are somewhat more contained. Currently, WTI and Brent reside around USD 69.00/bbl and USD 72.00/bbl respectively - note, the complex has become increasingly choppy as the session progresses. News flow for the complex has been limited; US/Russia geopolitics has gained some attention this morning though essentially echoes the constructive sentiment from the US on Monday. Elsewhere, natgas prices are bid on supply-side dynamics: Gascade data initially showed that flows to Germany via the Yamal-Europe pipeline had stopped. Subsequently, the Polish operator confirmed that the pipeline had recommenced activity but in reverse mode from Germany to Poland, which the Kremlin described as ‘commercial’ and unrelated to Nord Stream 2. In metals, spot gold and silver are supported given USD’s (limited) downside, though the yellow metal remains capped by USD 1800/oz at the time of writing. Elsewhere, base metals are bolstered on the firmer risk tone that has continued from APAC hours while Iron Ore prices were bid in China, action that was attributed to demand from the property sector.
US Event Calendar
- 8:30am: 3Q Current Account Balance, est. -$205b, prior -$190.3b
DB's Jim Reid concludes the overnight wrap
I’m going on my Christmas leave tomorrow so this will be the last edition of the EMR until early January. To echo what Jim said on Friday, thanks for reading over the last 12 months, as well as for all your support and interactions. If you’re looking for some further macro strategy reading over Christmas, feel free to check out the selection of DB Research outlooks for 2022, and you can find all the links for these in a note we put out yesterday (link here).
As we wrap up on 2021, it’s fair to say that it’s been quite the year in financial markets, particularly with inflation proving a much more persistent force than many had expected at the start. But in many ways it’s finishing not too dissimilarly from how it began, with Covid once again dominating the agenda as the Omicron variant continues to spread. Coupled with the news over the weekend that Senator Manchin is now a no vote on the Build Back Better Bill, risk assets sold off across the board yesterday. Indeed, the S&P 500 shed a further -1.14% to bring its losses over the last 3 sessions to more than -3%, marking the first time that’s happened since September.
In terms of the latest on the virus, the indications are pretty much all continuing to point towards tougher restrictions in Europe, while the CDC noted that Omicron now makes up the majority of new cases in the US, which dampened risk appetite. German Chancellor Scholz said yesterday that “We need new restrictions on personal contacts so that we’re well prepared when the new variant of the virus spreads everywhere in Europe”, and he’s set to hold talks with regional leaders today to discuss further measures. Bloomberg reported that a draft seen by them included measures such as closing nightclubs and limiting the number of people at indoor gatherings to 10 from December 28. Here in the UK, there had been speculation earlier in the day that the government were considering imposing further restrictions, but after a cabinet meeting, Prime Minister Johnson didn’t announce any new measures for the time being, but instead said that the data should be kept under review. That comes as the UK’s weekly case average now stands at its highest of the entire pandemic, whilst in London (which is the epicentre of the UK’s outbreak right now) the numbers in hospital have risen by a third over the last week.
In terms of some more positive Covid news, Moderna announced that a booster dose of their vaccine led to a 37-fold increase in neutralising antibodies against the Omicron variant, relative to pre-boost levels. Separately, Novavax’s vaccine was granted a conditional market authorisation by the European Commission, making it the 5th Covid vaccine now authorised in the EU. In terms of what to expect today, President Biden is due to deliver a speech on the pandemic later on, in which he’s expected to announce further steps to deal with the new variant, and it’s also been trailed that he’ll be warning about what the winter will be like for unvaccinated Americans.
Against this gloomy backdrop, the major equity indices all lost ground on both sides of the Atlantic. As mentioned at the top, the S&P 500 fell back -1.14%, with the more cyclical sectors underperforming in line with the broader risk-off moves. To be honest though, it wasn’t a great day for many, with just 78 companies in the entire index moving higher on the day, whilst the NASDAQ shed a further -1.24% to hit a 2-month low. Europe saw some reasonable losses as well, albeit after paring back some of the biggest declines shortly after the open with the STOXX 600 recovering from an intraday low of -2.56%, to “only” close down -1.38%.
The prospect of tougher restrictions and weakening economic demand sent oil prices lower again yesterday, with both Brent Crude (-2.86%) and WTI (-3.85%) seeing sharp declines. But one energy commodity that continued its inexorable rise was European natural gas, with the benchmark future up +7.31% yesterday to another record of €146.93 per megawatt-hour. It comes as temperatures have continued to decline heading into the European winter, and we also got the news that Gazprom hadn’t booked any extra capacity in January for gas flowing through Ukraine. That’s an important story heading through the winter with implications for European growth, and one that will have investors closely following the weather forecasts to work out what might happen.
Overnight in Asia equities have begun to recover, with the Nikkei (+1.89%), Hang Seng (+0.53%), KOSPI (+0.49%), Shanghai Composite (+0.41%) and the CSI (+0.17%) all rising on the back of hopes that Senator Joe Manchin of West Virginia could back a reformulated Build Back Better plan, saying on a West Virginia radio station the ways in which he would support a package. It was also reported by Bloomberg that Biden and Manchin had a further call Sunday night, some hours following Manchin’s move on Fox News Sunday where he announced his opposition. Bear in mind that the passage of the bill would have implications for 2022 growth, as the child tax credit expansion will expire as it stands, which has bolstered US consumer balance sheets. Oil prices have recovered somewhat too, with Brent crude up +0.77% this morning, whilst US and European equity futures have moved higher as well, with those on the S&P 500 (+0.58%) and the DAX (+0.92%) both advancing.
In other news yesterday, it was announced that Joachim Nagel was set to take over as the next Bundesbank President, succeeding Jens Weidmann who’s leaving after over a decade at the helm. Nagel is currently the Deputy Head of Banking at the Bank for International Settlements, but has also been on the Executive Board at the Bundesbank previously. His appointment is one of the first by the new coalition government in Germany, and Nagel will arrive at the post with German inflation at its highest in years, with annual CPI inflation having climbed to +6.0% on the EU-harmonised measure in November.
Finally in sovereign bond markets, there was a modest move higher in longer-dated European yields, with those on 10yr bunds (+1.0bps), OATs (+1.3bps) and gilts (+1.3bps) all rising. Those on 10yr Treasuries (+2.0bps) were saw a slightly bigger increase, but a decline among shorter-dated yields meant there was a steepening in the yield curve, with the 2s10s slope up +2.6bps.
To the day ahead now, and data releases include the UK public finances for November, Germany’s GfK consumer confidence reading for January, the US current account balance for Q3, and the Euro Area’s advance consumer confidence reading for December. Central bank speakers include the ECB’s Kazimir, whilst President Biden is set to deliver a speech on Covid.