 Okay, very good morning. It's Thursday 6th of Jan. Hope you well. I'm gonna talk straight about the FMC minutes last night Which of course were hawkish if you've not already seen and we did see quite a distinct move across asset classes last night All 11 sectors in the S&P 500 finished down the S&P was down around 2% the now one Then that's that 100 was down around three point three percent So one of the largest selloffs there that we've seen in some time as tech companies software Semiconductor shares were particularly hard hit As treasure yields rising once again prompting investors to kind of rotate away from some of those growth stocks that are more rate Sensitive so what exactly did pals say and then we'll have a quick look at the actual market moves Well, here it is the Federal Reserve officials said a strengthening economy Higher inflation could lead to earlier and faster interest rate increases than previously Expected with some policy makers also favoring starting to shrink the balance sheet Soon after the reason why that's so critical is usually there's some kind of layover time between then each form of policy tightening to just see how the market acclimatizes to the new normalization if you like of of policy and what they're saying is that those timelines are shortening So what we actually saw in terms of reaction was equity markets came under selling pressure You can see here in the center chart. This is the Nasdaq 100 the S&P 500 look very similar So as you can see here the trigger point very much being those FMC minutes And we continue to kind of hand that negative baton on to the Asia pack session where we decline further before finding a bit Of a flaw here at the European Open and then elsewhere gold Similarly with rising US yields and a firming US dollar on the back of that hawkish minutes release did weigh on the yellow metal Strategically from a technical perspective finding a bit of support just around this 1800 psychological level which was the low that we saw back on the fourth and the third of this month and Then elsewhere currency pairs as you can see euro dollar cable trended lower and T-notes then the reflection of that higher yield movement just continue to tick lower And if you look at actual US yields, that's been a pretty much a continuous pattern that we have been seeing overnight swaps Markets now move to price in at 80% chance now the 25 basis point hike at the Fed's meeting in March Remember much of what the general Wall Street consensus was over recent months as being a rate hiking really June Sep and Dec of next year that's been brought forward now following not only the minutes But we also had the yesterday the latest US ADP figure which showed that companies in December added the most jobs in seven months And of course this heightens now expectations for the official labor report from the BLS on Friday Not far payrolls if that's also a really strong figure all the more cemented that market view will become So firmer yields and dollar Continuation and that's hurting some of those tech rate yield sensitive names more Then then yes in Nasdaq rather than the S&P 500 That's really the main thing to talk about otherwise just quickly Looking at some of the other headlines in the mix We have got overnight in terms of Asia the Chinese Cajun services PMI came in a 53 spot one That was above the expected 51.7 Activity in China's services sector expanded at a faster pace in December Amid high demand and easing inflationary pressures but continuing small-scale COVID-19 outbreaks The analysts said did continue to weigh on the outlook whereas over in Germany We've had some data this morning and actually surprisingly good Industrial orders or factory orders came in at 3.7 percent for November above the expected 2.1% the previous was also revised up German factory orders and rising in November giving the economy course for optimism After another course that it was somewhat characterized by record numbers of COVID-19 Infections now the other thing to mention was Bitcoin Bitcoin dipped overnight towards 43,000 the futures market did break through some quite key short-term support excuse me of Recent sessions, so this is looking at Bitcoin futures on 30 minute You can see here going back to really the end of last year and the beginning of this year We broke down through that 45 and a half thousand level and that just meant a bit of a spillover and added momentum and Interesting to see the correlated moves here this move not coming Right on seven o'clock, but did come amid some of those bigger other asset class movements Namely yields and dollar moving higher Bitcoin also moving lower than in tandem with some of the stocks move and on a daily continuation chart now You can see here the the the relevance of some of those technical areas of interest So those December lows and around that aforementioned 45 and a half level the breakdown of price there really brings into Contention now the September lows if actually if I just shift this chart over a little bit That's actually also quite a key area of resistance back to the summer and June July tops of price action in the Bitcoin future So that means then that we're trading at 43,000 at the moment 41,000 is a downside area of support So it could be potential for a continuation of some short-term Bitcoin weakness there in step with some of that movement as you would imagine then some of the other Cryptocurrencies following suit and we had ether Took out its flash crash bottom to reach prices not seen since around the mid-October time Binance coin also dropped to October levels as well in the overnight session a Quick look at the calendar for the day ahead We have got the German state CPI is coming out this morning You've already had North find Visfalia come out printed at month-to-month reading of 0.5 percent That's gets a previous of minus 0.3 We'll be looking out for Brandenburg Hess and Saxony all at nine o'clock and then really it's quite quiet for the morning Attention will be in the afternoon. We've got us initial jobless claims You've also got the ISM services PMI which will be of interest Analysts are expecting a slight pullback from the most elevated levels of sixty nine point one last month the December reading Headline expected at sixty six point nine However, a couple things we already had the manufacturing number come out at the beginning of the week for the ISM readings in the US The employment constituent didn't actually Rise from fifty three point three to fifty four point two But keeping an eye given the inflationary focus of markets at the moment on the price is paid component in the Manufacturing sector that actually dramatically dropped from eighty two point four to sixty eight point two Moving to the lowest reading since November 2020 so keep an eye on that as well as the Constituent reading for that services report later Factory orders from US also comes out of three and then from a speaker perspective There's no one off note on the docket and you've got some French supply hitting the tape with a three ten and thirty a bond Announcement coming out US Treasury this afternoon. I'm gonna leave it there pretty short and sweet as you can hear I sound a little bit like Barry White So I could gonna preserve my voice for the time being and wish you guys all a good day ahead And yeah, any questions at all feel free to leave me a comment and I'll see you tomorrow. Thanks very much