 Okay, very good morning. It's Tuesday the 12th of October. I hope you're doing well and before I begin I just wanted to mention this. This is the web page for the Society of Technical Analysts in London and today tonight in fact 6 30 p.m. I'm going to be giving a lecture in person to the community at the STA and There is a live zoom link as well. So I think the way it's going to be delivered is I'll be delivering to a lecture theater But there's going to be a zoom video camera doing it for online as well So what I'm going to do is I'm going to drop the link feel free to register Love to have you on board. There'll be a Q&A afterwards And basically I'm going to be talking about all things kind of macro fundamentals and how to apply that to short-term trading So check that out as I said free to join and so if you're free tonight, love to have you with me but otherwise, let's get straight into it and talk about what's going on in markets this morning and Relatively quiet overall equities We finished lower on Wall Street down around 7 tenths of 1% in the case of the S&P and the Dow pretty uniform Closes in fact the Nasdaq was down a similar margin as well And that led to a kind of negative handover to the Asia Pacific session and consequently this morning the DAX is down about 150 and the Nasdaq future S&P toward the lower end of the range that was really seen in The early part of the APAC sessions so as you can see here in terms of the S&P Just having a bit of a retest down at 43 21 and a half, which was that high scene Just as APAC got underway as we saw a bit of an extension a continuation of the general downward trend That was seen through much of the US session yesterday similar setup in the Nasdaq In the currency market the dollar just a touch weaker the Dixie's trading down a little bit this morning Having just reverted back from around the highs that we're seeing in the overnight session otherwise then Lifting the major currency pairs top left euro dollar and cable Pretty much flat at the moment, but we're a little lower Overnight and in the 10 year group around eight and a half ticks And in fact the US 10 years Europe just steps in just breaking out of a bit of a consolidation range that we've been trading through yesterday's session and so couple of things then starting off with the APAC news and The MSCI Asia pack index actually snapped a three-day climb the technology sector was leading the losses overnight But there's still a few things ongoing in that region namely further on the The crackdown that's been happening from the state and the latest now reports suggest overnight that China's in is inspecting the nation's financial Regulators the biggest state-run banks insurers and bad bad debt managers for the first time in about six years So that's the latest that you know further broadening the remit and that's made a little bit of people Apprehensive once again and separately as well. The other thing is China ever ground Hasn't really gone away. It's just kind of falling out the spotlight a little bit given the energy crisis that the globe has been facing at the Moment, but the latest here is that China ever grand missed overnight its third round of bond payments in three weeks The Shanghai stock exchange data showed the top five losers among exchange traded bonds in morning deals We're all issued by property firms So still a lot of nervousness on that particular side of things and so yeah getting things underway this morning You've got a little bit in terms of the equity fixed income mix and gold in fact the kind of traditional more kind of risk-off Correlation at the moment so equities training a little heavy fixed income gold seeing a moderate bid at the moment As I said the T notes up nine ticks golds up about six bucks at the moment And otherwise it is really quiet actually in fact in terms of overnight news There's not really too much for me to talk about I didn't really want to start delving into stories that were Inappropriate in terms of that aren't really going to move markets in the short term So there's still other interesting things about UK politics And what are they going to do to kind of bail out some of these energy firms to ensure that consumers don't get further squeezed by impending Price hikes given the the energy price surge at the moment But otherwise it's fairly quiet and so one thing that I did see in the FT was that US COVID cases are down by 22% And actually if you're just having a look at a couple of these graphics here from the latest COVID Numbers because often you don't really hear this get mentioned as much certainly when the case rates are going down because Generally media has much more of a narrative to spin when case rates are going up and since the end of the summer In case rates in the US certainly have been declining at a fairly decent and healthy pace over the last two weeks The case rate down 22% hospitalization is down about fifth as well So consequently the pace of deaths has slowed which is a little bit of a laggard effect Of course and as we've seen throughout the entire pandemic, but all kind of relative positive signs here and you know another reason why as well as far as the November timetable for tapering to commence that this would seem appropriate in terms of further economic reopening and so Although a low ball print this time round last Friday and leisure and hospitality jobs with more in-person type service delivery To be to recommence as we go further forward in time if these patterns are to continue going forward However, one thing to be aware of is that it's a little bit fractured depending on where you are in the US So actually the northeast is seeing is seeing more elevated cases against the south Which were some of the areas which were more hard hit During the late latter part of summer. They're actually seeing the most aggressive to clients at the moment Otherwise straight into the calendar and this morning. You've already had a couple of UK data points Nothing really too interesting to be quite frank. These were jobs data numbers So the unemployment rate the UK was in line at four and a half percent and the average earning is Exponents was in line at six percent. So if you're looking at the sterling chart this morning It really hasn't been any move to speak of of that greater interest and in terms of any corporate earnings Certainly UK Europe doesn't really kick off for another week or two and as far as US the big banks don't really commence until Wednesday They're going into the second half of the week. So what else have we got? So this morning you got the Germans at EW numbers What are we expecting there? Well economic sentiment for October is expected to show investor morale fell for a fifth straight month Holding at its lowest level since the pandemic fuel drop in March 2020 and then we got Jolt's job openings just given again the focus on the labor market the kind of plentiful jobs at the moment and trying to Diminish that that slack at the moment getting people back into the workforce No doubt that number will be closely followed as well in the afternoon session But overall quite quiet. I would say in terms of data. So We are welcoming the US back obviously the bond market was closed yesterday And that does mean that we do have a bit of a concentrated fixed income auction process this afternoon and evening You've got 58 billion in a three-year no auction at 430 38 billion in a 10-year no auction So to coming at you at 430 and 6 p.m. For any bond traders You've also got UK and a shats auction coming out of the German Bundesbank this morning Speakers perspective quite ECB focused. You've got ECB's not speaking at 1230 Lane Who is the chief economist speaking on the economic outlook? At 130 ECB's elders and that too and then you got Fed voters Clarida and Bostick speaking at 415 and 530 So worth marking that down on your calendar As well, but that is pretty much it so a couple of other housekeeping things don't forget to Register on the link below. I'm speaking much more from a trading perspective On applying macro fundamentals at the Society of technical analysis analysts tonight Also, if you're in a if you're in America We are actually the team is doing a live simulation session with University of UCLA in California Later on today as well So I'll drop some info about that as well if you're in that region if you want to take part All right guys, that is it so any questions at all. Let me know otherwise have yourself an excellent day ahead and I'll catch you tomorrow Thanks very much