 OK, very good morning to everyone. Wednesday the 15th of January. Hope you're doing well. Obviously, the day has arrived. The beautiful monster, as described by US President Donald Trump, where he comes up with these things. But the phase one of the trade deal is about to be signed in Washington, London time, bit later on this afternoon, penciled in for 4.30 London time. But people have already, as you would anticipate, started to question now, is some of the finer detail that has come in this relatively short document. I think it's just short of 90 pages, which is particularly unusual given the legality surrounding such a complex trade deal with two major economic powers. But some of that information has started to come out, and it's just bumped equities, perhaps slightly, last night. But things seem to have somewhat stabilized. Respective of that, though, the US 10-year, you can see in the bottom right, does remain in the ascendancy at the moment. It's up about five ticks. Gold hasn't really done too much so far today, but did see a little blip up going into the close on Wall Street last night and into the Asian session. We are training up about $8.50 at $15.53 at the moment. So perhaps a little bit of caution in the air as we get down now as to not so much is it, are they going to sign it? Are they not? I think it becomes more clearly evident now that they aren't going to sign. But the narrative's already switching to now the level of compliance, the timeline of which then phase two might occur, some of the rhetoric out of the US on some of the technology rules, which we'll go into in a second. And so a few other things to contemplate that maybe just take a little bit of shine off some of the what would be symbolically a generally a positive event, concluding at least part one. But I'll leave the charts for Sam to have a look at. He's here with some of the other guys as well, so I'll let him jump on. So straight into the headlines. And this is what Bloomberg are leading with. Existing tariffs, essentially on billions of dollars of Chinese goods coming into the US are likely to stay in place until after the American presidential election. This comes even despite the Treasury Secretary, Steve Mnuchin, trying to claim that it's got nothing to do with the election. It just so happens though that we're not going to do anything until after November. But you can read between the lines from a political strategy that obviously makes sense. He wants to be seen firm as Trump, the tariff man and that China are falling in line and then adhering to the agreement as that has been determined so far in phase one. Any move to reduce then these tariffs would hinge on Beijing's compliance with the terms of phase one trade accord. According to people familiar with the matter is what the sources on Bloomberg are suggesting. So I don't think that part's particularly too new. These tariffs though will stay in place until there's a phase two is what's being speculated. And if the president gets a phase two quickly he'll consider releasing tariffs as part of phase two. So perhaps there was this notion that once phase one gets done, yes compliance but perhaps a little bit more active in the rolling back let's say of some of the built up in escalation of tariffs over the last one and a half, two years. But seemingly the US want to hold firm in order to just deliver the second term for Trump and I guess that would be an appropriate kind of approach I would say from a strategic point of view. Trump did say last week that talks on phase two agreement. So now it's okay. So when is this phase two gonna begin? He said last week it could start right away or it could start after the election in November. So there's really not a lot of clarity on that regard at the moment. And then second to this which is particularly quite interesting is the US government is nearing publication of a rule that would vastly expand its powers to block shipments of foreign made goods to China's Huawei as it seeks to squeeze the blacklisted telecoms company according to two sources this time on Reuters. So yeah, it's almost like, okay here's this framework deal for the moment. They're gonna go to Washington, have a nice ceremony sign the deal. However, here's this big weapon in my hand. Do not even think about not complying now. It seems to be the general vibe. But at the moment, I don't know, my initial takeaway from this all, despite some of the apparent negatives that have evolved as we get down to the actual conclusion of this point is that I don't see this as too much of a risk to be honest. I don't think the two sides would have approached this any different, particularly from the US side. So not on itself expecting massive reaction to what I've just described, but certainly needs to be thought about over both the approach, not just short but medium term perhaps. So as I said, on the charts this morning, things are, I'd say relatively calm. Any dip that we're seeing in the equity market into the closing Wall Street last night seemingly has stabilized. Europeans.futures have clawed back to basically flat now in the session. Oil's pretty flat, slight negative. If anything, currency markets, bit of a pickup in the Dixie, but perhaps triggered by a technical break of the pivot and the overnight range low in the Euro, I'd say is probably the culprit rather than any specific dollar strength. And then obviously we'll be keeping an eye on sterling currency, some major data points on the inflation metrics coming up later. And obviously, as we've been saying, since Monday, economic data comes back to the forefront for the UK, just given this idea that the case, the evidence is continuing to build in regard to the Bank of England having to take further policy action in the form of interest rate easing in the near term. So before I get to the calendar though, and we have a look at a few of those other things, the other major headlines for me to share are this. We had the API All If and Trees last night. And as you can see on your crude chart, there's no real reaction to this. The data really, nothing too much to get excited about. They had a headline build of 1.1 million. Analysts were looking for a drawdown of 1.1 million. Cushing, pretty much flat. Gasoline, a build of 3.2 to 6.78 million. So we will go into the DOEs this afternoon with pretty much an open mind knowing that this data that came out last night overall was fairly neutral, flat in that respect and didn't really have much impact on prices. Continued rhetoric coming out of Iran, although it's pretty quiet on that subject of course now that the kind of macro focus has shifted. But the Iranian president Rahani was speaking just a short while ago this morning and said US forces are not safe in the region today and the EU forecast may be in danger tomorrow according to Al Jazeera. So obviously we remain vigilant for any developments in that region. However, unless there is anything unexpected then I wouldn't be looking for that to be too much of a direction driver if you like. For oil, oil continues to consolidate almost on that quite aggressive pullback that we saw on the downward trend that has been materializing ever really since the peak that was seen on those initial ballistic missiles that were fired a week and a half ago or so. With oil, the final headline to mention was this. We've got OPEC plus may delay its next meeting on output cuts until the summer in June instead of a scheduled one in March according to TASS, I believe that's the Russian news agency citing an OPEC official that didn't want to be identified. What does that mean? Well, that means that the current agreement on limiting production could be extended to June. So again, the impact on markets fairly benign because this has happened many times basically an indecision has just led to the rolling over of these quotas that have been in place now for what since the beginning of 2018. So something to be aware of, but from a meeting and schedule point if you just being bumped back, but I don't think it's that unsurprising in that respect. Okay, in terms of the calendar, what have we got? Well, UK focus as I said, and it's gonna be fairly interesting UK CPI data and with Brexit kind of giving a degree of clarity at least when I say clarity, I mean till the next 15 days when we're anticipating then the 31st Boris does indeed deliver at this point of the Brexit process. Obviously much to go much further entanglements between Britain and Europe over the foreseeable future over the next coming months. But for the moment this week it's about economic data just particularly given the monetary policy committee members which have been sounding more and more dovish and putting the emphasis on now the deterioration of the UK economy. And so the incoming data is particularly important for markets pre-judgment about future policy action. And we've had particularly weak GDP early in the week, manufacturing industrial production was very soft. These continued that general deterioration in the UK economy. And from an inflation perspective when you're looking at these measurements and you're thinking about demand well just given the current status quo, I'd say the risk is to a downside figure rather than upside. And again, could that act as a bit of a catalyst to help way further on the UK pound to have a bit of retest down towards what was a bit of a double bottom of the weekly range formed over Monday and Tuesday. So that's coming out 9.30, definitely warrants watching for sure. And then into the US afternoon, a couple of things actually of interest. However, could well be sidelined by the fact that people will just wanna wait and make sure the trade deal does get signed in Washington because that's not happened until 4.30 London time. So if you're based over in the state Chicago 10.30. But prior to that, you've got New York Fed manufacturing. You've got some PPI numbers coming out in the US and of course the DOE numbers. So we'll be here to cover all of those in full, of course. And if in a earnings perspective, you've got Goldman Sachs, BlackRock United Health US Bank Corp. I wouldn't be expecting any of those to be an index mover. Certainly it could move the single stock price for sure. Obviously a lot of people still looking at the performance of JP Morgan. I think it was the best ever performance by a US bank. On the flip side though, Wells Fargo was a bit of an outlier because JP finished up I think about 1.1, but multiple single digit percentage loss for Wells Fargo after disappointing numbers. So, Golemans, they'll be out, obviously pre-market. I haven't got set timers yet. I'll update you as and when I go through my equity prep. But I'd imagine it's probably around midday going off historical precedence. So my speakers, you've got a couple, ECBs, Halsman, got Feds Harker, Feds Kaplan, both voting members at four and five PM London time, respectively. Harker could be quite interesting. Well, both actually, Harker because the topic is monetary policy normalization. So fairly linked to being relevant for potential impact on markets. And then Kaplan speaking at the New York Economic Club lunch, which that often does get used historically as a bit of a platform to give a bit of insight into policy thinking. So both of those warrant monitoring. And then just given the status quo I've said about Bank of England, in addition to the data, you've got Bank of England Saunders coming up in about half an hour's time, 8.40. And Saunders, of course, note is one of the dissenting members and one of the doves. So you can already expect what type of rhetoric you'll like to hear from him in that regard. All right, that is it from me. Hand you over to Sam and I wish you a good day and I will see you in the chat room. Thanks very much. Which is that, yeah, just having a look over equities which are just starting to get a bit more lively. Kind of what we were doing 24 hours ago and it came down. We identified those support points and they were the lower points of the day. But just to keep an eye here on the DACs are starting to come down to its lower point than we had during the Asian session. Also the low that we had on Monday. So worth keeping that level marked up. You'd expect a bit of profit to be taken from anyone that is short around now as well. Of course, if we do get below that low then we have to have marked up the low of yesterday as well. The highs of the last couple of days are starting to get squeezed in as well and a rejection of that up this morning has really led to a lovely reversal in this market. So getting squeezed both ways, let's almost wait and see what happens, I think, before the bigger move could come in. But literally just below here, you can see this trend line could mark up there as well. Perhaps getting squeezed both ways, bigger move to come either to the upside or the downside on a break of that. S&P this morning, as with the Dow and NASDAQ, just breaking these little trend lines that you see were so well respected from five o'clock. That's been a Dow in as well. It's, of course, very correlated and the NASDAQ there as well, all breaking through at the similar time that the DAX was as well. So nice little trend line break there to start the day for equities. Yesterday we almost reached that all time high for the S&P late in the session. It wasn't to be just yet, so keep a watch on that potential trend line if that is to come into play. Also using these trend lines here from the 10th price getting squeezed in much like the DAX, almost worth waiting for, again, that bigger move to come. Of course, today anything could happen with the trade stuff. So maybe this is one to look at later on in the session and go from there. But yeah, equities across the board, just getting squeezed, however, just come to the support points in European equities, so don't get too carried away, much like yesterday we saw. I'm going to look over at the pound. We were talking about a potential trend line yesterday in the briefing, and if we just bring that back into play here, you can see that was hit, nice reversal off that. And we are not far away. I think we can actually hit it briefly today. Let's go back to that 60 minute. The lows that we had back on the mid afternoon of the 10th, just going to bring the pivots on here. So if you're a bull in a bear, here is your, I guess, areas where you'd be comfortable with your view. Bush, if we can get back above that high that we made today, i.e. the low that we had back on that 10th, the gap as well, can that get filled? So above 130, 66 on the futures. And then for that bigger move to the downside, well, a break of that daily trend and close could really lead to a strong push lower. The pivot today, relatively key, you would say some nice price action there from Monday evening and afternoon into yesterday early morning. We broke through it early afternoon, and that could offer a level support. Those would be the free areas as it stands, that I would be interested in trading there for the pound. So people watching on that will see that longer-term trend line from the upside is something to have considered as well. A lot of these markets just getting squeezed, perhaps waiting for that bigger move to come through. Euro here, just, other than bringing in that daily trend line again, you can see similar sort of price action. All of these markets, just the highs getting lower, the lows getting higher, just over the recent days. Price just maybe waiting for a bigger move to happen. I know we've been saying that for the Euro for a couple of years or so, but yeah, let's wait and see for that one. Horizontal resistance, big area around the R1, two highs around there, to keep probably a horizontal line marked up on that point as well, where you could expect to see some profit taking if we were to break above these highs of the day, but also an opportunity perhaps to get short to continue really this overall trend since that trend line break, which has been just drifting lower at touches as well. And a quick look over at gold. Just on this slight risk off we're seeing this morning, gold trying to push higher. Have we been saved by these support points that we had in the early hours, yesterday morning, that double bottom on the S2, you've got to feel when we were saying if it goes below 14, 35, I believe it was, or 15, 33 below there, it could really open the doors to a further move down. Survived for now, and if you're looking for a bit of a line in the sand, let's bring this on the 15 minute where you maybe want to get excited about a short, I would say 15, 47.5 isn't a bad one. There's also likely to be some sort of trend developing over the coming sessions. Maybe these lows from the back end of last session, worth keeping an eye on, if that does start to develop as well, 15, 50 worth keeping a watch on. Resistance points above where we're trading. Obviously we broke out a couple of trend lines yesterday, but the R1, R2 I should say, today you've got quite a nice area where the sellers did take over at the beginning of the week. So have that marked up as a key point and also that breakdown area. Late Friday evening into the Monday morning, that coming in on the futures around 15, 59.1. Oil, of course, DOEs out later, as I mentioned the API, nothing to really write home about. Oil has just been drifting, drifting lower. We put this little trend channel on yesterday more respected to the upside, but I would still have that just to maybe guide price lower and then if you're, you can use this of course as a risk management tool. Happy to be sure as long as we stay within this, if you're looking for that opportunity to go long, let's just say that happens today. A break of R1, break of the trend channel, break of yesterday's highs, nice area to perhaps look for that relief rally to the upside. Continuation of this move could well happen if we were to break below that. Let's put this onto the 240 chart. Of course, the low of the year, that would have to go as well, but the important point and we're trading here, the low that we had on the 5th, 6th of December around 57.71 as well. If that's all to go, really the next area I'd be focusing on, let me just draw this up around 56.78. So it could be a quick dollar move if that low of the year is to go there, to wait and see for that one there. Quick look over, just a couple of markets catching my eye more on that shorter term, Canadian dollar just breaking lower. You can see, and the reason I'm bringing this in is if you are short, there's this potential trend that could well come in and it looks like it's going to mark up with some of the lows that we had in the early hours of trading. So just be aware of that, but that is just pushing to make a new low almost for the session. So keep a watch on that. As usual, any questions, please do let us know. European equities, which were pushing lower, just finding support on their lows by those big trend lines below. Same for US equities, which broke those trend lines. Maybe look for the retests of that. But a big day ahead, the week really for me is getting started now. Phase one deal, is that going to cause any issues? Time will tell. Big levels on the pound. Gold has it recovered. And oil, let's wait for that DOE and maybe the trend channel as well. Hope you'll have a good trading day and I'll catch you all later on.