 My name is Anthony Chung, I'm the head of market analysis here at Amplify Trading. If you'd like to access our private chat room to exchange trade ideas with professional traders from around the world, then check out Amplify Live by following the link below. Okay, very good morning to you. It is Tuesday the 22nd of December, so a quick run through then of some of the fundamental news that's been in play from overnight that's going to be important for the session ahead. I'll leave the technical analysis for my colleague Sam North, he'll be in the Amplify Live Discord chat room and he'll go through the charts in a bit more detail from that perspective. But just having a quick cross check at the general cross asset class mix and I was quite surprised actually last night. I came back to the screens probably around 10pm or so last night, having left probably around half four in the afternoon London time and actually the recovery I was quite shocked. It felt, obviously felt quite heavy yesterday, the new variant of the virus that's ultimately led to, I think I read up to more than 40 countries now have basically imposed a travel ban on Britain in order to try and contain what is said to be the origination here in the southeast of England and things were looking quite heavy in the morning but as soon as really Europe left the market and we did see other things like the final kind of confirmation last night with the Senate passing the stimulus bill but much of that was expected. So any of that selling was just borne into and very aggressively so and as you can see from these major three indices the Dow were completely reversed and some going into the close then that's that the same as was the S&P and you know looking at where we are now we're pretty neutral and flat exing out the initial volatility to get the week underway. So couple of other things though, oil still looking a little heavy, obviously there is still this new escalation if you like in the COVID-19 situation and travel bans certainly are going to start impeding further things like fuel demand and also general manufacturing activity if we need to go into more stringent lockdown as what we're seeing now in Britain but probably most likely elsewhere as well. So just having a look at the oil market is still traded a little heavy here as early Europe has come into the market albeit we're still off the initial lows that we've seen yesterday which was around 46.25 but down about 87 cents this morning elsewhere gold as well after having been fairly elevated originally actually we saw quite an unwind of those trades through yesterday's European morning and again we're remaining lower down around 10 bucks at present at around the 1870 level just looking here that level just bringing into context then some of the previous highs and support levels that we saw just last week going back to 16th and 17th so looking on the bigger picture on the daily just seeing where we are at the moment you can see this kind of gap in price movement and that area on the daily continuation around 75 would be quite key to watch which was of course that top we had on the 9th of deck otherwise the other thing in the currency market the dollar a little bit firmer up about two tenths of 1% but worth noting this from last night then we just move this so I actually did this mark up last night just when I was looking at a few different things well if I move it to this side it'll be easier and this can then kick off some of the first pieces of news that we can talk about but quite a violent uptick seen in the pound and also seeing a bit further uptick now this morning looking to just narrow losses despite the general strength of the dollar that was seen overnight as you can see here pretty much closed the gap then from where we finished electronic trade on Friday following what was a positive development on Brexit and what was that headline well here it is the EU is considering a fresh proposal on fishing rights from Prime Minister Boris Johnson in the 11th hour trade deal basically a few of the details to be aware of here in case we see any further headlines today the latest suggestion from Britain would see the EU reduced the value of the fish it catches in UK waters by about a third as context last week the UK is insisting the EU accepts a 60% cut so they've come down to a third the EU negotiators on Friday said that they wanted 25% reduction and that was their final offer so again such as any negotiation we're zoning in now on the kind of landing spot of where this deal might then get get made the UK's demanded EU accept a five-year transition to the new arrangement rather than seven according to people from the matter while the EU initially called for 10 years to adjust and UK had proposed three so again further narrowing there on both sides UK ministers reportedly have drawn up plans as well for a potential Brexit legislation to clear both houses of Parliament and gain royal assent in a single day next week I did also share quite an interesting article via the Amphi trading Twitter account in regards to what would need to happen in respect legally to extend the transition period which we know is the hard deadline on deck 31st it is possible but essentially new legislation needs to be written and signed off in time which is obviously going to be quite testing in order to get that done with the limited amount of time available but again many people would suggest there's not that pressure from at least MPs on the British side at the moment in order that to deal with this new outbreak of the new variant of the virus and the increase in cases that it might be necessary to delay that negotiation so that's the latest there otherwise on the vaccine and the virus side of things I mean this was the comment that came out yesterday the World Health Organization held a press conference and they cautioned against major alarm over a new highly infectious variant of the coronavirus that has emerged in Britain stating it was a normal part of the pandemics evolution so this is kind of what we were saying yesterday it is quite typical of something of a virus if you think about the common flu that we see seasonally every winter you know the idea is there that people get or can have a flu jab every year but the necessity is that they have to have a fresh jab every year because of the fact that the flu virus adapts and evolves so rapidly if anything by comparative terms COVID-19 is actually much slower in that case but the idea being here then is the ultimate kind of risk factor both from a health perspective in medical science but also from a markets perspective is going to be whether or not the vaccines hold up and this was some of the latest being reported on CNN just a few minutes ago Pfizer and Moderna are said to be testing their vaccines against the UK coronavirus variant so that is definitely one thing and from a results perspective I'd be very keen to see as I said yesterday pretty mixed opinions really a lot of people coming out looking to I guess assure the public that testing would still be effective as would the virus or the vaccine but ultimately I think we're a few weeks away from knowing that for sure given the fact that there's been several different types of variants of the COVID-19 virus identified geographically in different parts of the world so any update on this would be quite key I'd say obviously from a relief point of view probably more short-lived than the worst case scenario which is that the vaccines are rendered redundant would be definitely quite catastrophic on as I said both sides from a medical health point of view and from a markets point of view so definitely something to be vigilant for the other thing of course came last night was the Senate so they finally got this deal done in time for Christmas so the Senate last night passed the year-end spending bill combining 900 billion dollars in COVID-19 relief with 1.4 trillion dollars in regular government funding and a slew of tax breaks for businesses the legislation will now go to President Trump this is normal procedure whose aide said he would sign when he arrives at the White House this week the other thing I thought I'd mentioned just given the fact that obviously Tesla now coming to market yesterday just pulling back a touch after their phenomenal ride we've seen in their shares now that they've been included into the S&P similar space here then Apple in an overnight report or came late yesterday on Wall Street they're moving forward with self-driving car technology and they're targeting 2024 to produce a passenger vehicle that could include its own breakthrough battery technology interestingly it's according to people familiar with the matter according to Reuters so maybe worth just noting that and separately on other large mega cap tech names Wall Street journals reported overnight that Facebook and Alphabet or Google have agreed to team up against potential antitrust action so that's quite interesting as well given the pressure that they're under at the moment otherwise in terms of the calendar for today and we've already seen the UK data come out the Q3 quarter on quarter GDP 16% versus expected 15.5 the year-on-year minus 8.6 gets expected minus 9.6 so a little bit of a bump there perhaps in sterling but relatively contained the main subject matter that's really going to be more definitive there undoubtedly is going to be twofold really it's one of Brexit updates which one can imagine we're probably going to get tweets and hearsay doing the rounds at some point later today so it could well be quite responsive to that and then also from a point of view of the latest with COVID-19 in the UK according to the FT the UK may not have enough coronavirus tests to meet surging demand in the coming weeks according to an internal government document this because we're already seeing cases soaring at the moment we're about to go into the Christmas season temperatures also going to be generally decreasing going into the new year and so much of the anticipation is that there's going to have to be much more testing done and the internal government document suggesting there isn't enough coronavirus tests at this point in time so definitely starting to watch also separately the government's chief scientific advisor Patrick balance who you've probably seen on TV a number of times alongside Chris Whitty and Boris Johnson in those daily kind of updates he's said as well yesterday that more areas of England are likely to enter the highest level of tier four restrictions in the new year it's a country braces for the new spread of this strain of the virus so I definitely think that that's going to happen I don't have too many too much difficulty in predicting the fact that much of the UK will probably go down into some form of national wide lockdown much as what we're seeing in the southeast at the moment pretty much would would anticipate that to happen in the new year but I would say for the time being that was what was getting priced a lot for the pound yesterday and importantly it's from for a sterling traders point of view it has not maintained that downside pressure so at the moment it seems like the narrative for me on the key story in town which is Brexit has shifted slightly it's almost like the severity of COVID has has kind of lessened or softened the harvest of the deck 31st deadline with a lot of people now talking increasingly more so about an extension which I think is is what's reflecting a little bit in price at this point in time otherwise on the calendar then the other things we're looking out for would be the US GDP second reading a Q3 expected to be unrevised at 33.1% you've also got existing home sales of the conference boards consumer conference figure both coming out at 3 p.m. and that's pretty much it so yes a really great content as well yesterday I'm not sure if you saw it in the Amphi live room we had Eddie come on and did a full kind of explainer about Tesla and the inclusion into the S&P we did the Forex 2021 outlook myself Sam Tim and head of trading peers we're going to be doing the equity outlook today later on at 1 p.m. on Amphi live and we'll be doing the quality outlook on Wednesday so plenty more stuff to get our teeth into before we see out the Christmas break so that's it for the time being gonna wish you guys a good day ahead and take care and I will speak to you same time tomorrow thanks very much