 Okay, hey guys, I know it's super late But we've just had some breaking news and the market is moving quite aggressively at the reopening of electronic trade I'm filming this. It's just gone through 11 p.m. London time. So let me just quickly show you the charts There's basically being some news about AstraZeneca one of the leading pharmaceutical companies in Stage three clinical trials in regards to their COVID-19 vaccine and a study has been put on hold due to a suspected adverse reaction in a participant in the UK and as you can see here the reopening of trade US equity indices have gapped down and coming under some pressure the S&P's down already over a percent on the back of that information Crude oil was coming back down just continuing the momentum of some of the selling that we had in yesterday's session as continued COVID concerns Developing in mainland Europe, and I'm going to talk about UK as well. There's been some news Further to potential Reversing of some of the reopening plans that have just come out from the UK government as well in the last half an hour the risk-off sentiment that's sparking a bit tone into General safe havens gold not really buying it at the moment, but T-notes Definitely elevated here on the back of this news up seven ticks now and the Dixie is rallying Fairly aggressively the dollar index now up through 93 50 again of nearly 1% So both these major currencies now euro dollar and top left and cable, you know really negative setup now fundamentally for cable The general kind of reverse course of general risk appetite The market had had of late, you know We've seen the reversal in US equities at the end of last week The state's coming back in after Labor Day holiday seeing quite an aggressive selling day on Wall Street The Nasdaq once again the tech sector underperforming and now you've got this negative news coming out of AstraZeneca Just to run through a couple of the headlines here. This news only just broke a few Literally a few minutes ago The nature of the adverse reaction and when it happened were also not immediately known although the participant in Question is said to be expected to be recovered or to recover the spokesman described the pause That they've now as the company outlined as a routine action Which has to happen whenever there is a potential unexplained illness in one of their trials just to give you some numbers here There are currently nine vaccine candidates in phase three trials AstraZeneca is the first phase three COVID-19 vaccine trial known to be put on hold so far If you're interested on my Twitter account, I've taken a bit of a snapshot here of the known drugs at the moment Which are currently in stage three or phase three of the development program This includes then the Oxford University and AstraZeneca drug which was seen as the outright front runner here So this is going to be some significant moves not only for the overnight Asia session But also for the reopening of UK European markets in a few hours time Here we've got also the current status of the likes of Moderna therapeutics and BioNTech and Pfizer Probably the other two major competitors here for the Astra vaccine trial The actual Astra one only began in late August so it still is relatively early Now on a separate note the other thing what we've seen Just come out a short while ago is the chief medical officer in the UK Professor Chris Whitty and the scientific advisor Sir Patrick Valance have agreed that action is needed Urgently after a number of positive cases rose steeply in the UK Now this is a chart of what that looks like what we're looking at here is the number of infections per day in the UK and from last weekend We've seen quite an extreme increase in cases A lot of people have been talking about the young generally lower age demographic around 17 to 21 that has seen that accelerate Again as the lockdown has gone on people's adherence to these rules coming under somewhat question And therefore we've seen a renewed kind of latest outbreak here emerging in the UK And we've had similar things happening in the likes of France and other countries in mainland Europe as well What this has resulted in is the UK have come out and made quite a big U-turn once again Boris all of the other senior cabinet officials remember at the weekend were calling upon people to go back to work However, they're now saying that new lockdown rules that will go into force on Monday the 14th of September Will now max social gatherings to six people Remember a lot of these were up at around 30 people in the previous rules Also applies to indoor and outdoors private homes applies to pubs and restaurants One of the things here as well that's also just come out out of the telegraph They've released this by Twitter But it's going to be their front page story in a few hours time when the papers hit the printers And that is that ministers are considering imposing a national curfew a national curfew After hospitality venues in Bolton were ordered to close between 10 p.m. And 5 a.m.. And this comes after that news I've just said the slashing groups allowing us to associate from 30 to just six people now the north Generally in Bolton in that area specifically has been one of the real hot spots of localized lockdown But just the notion an idea of a national curfew if this gets worse if we start to see these numbers materially move higher and we do start to see quite aggressive more nationwide type activity rather than localized measures This is probably the worst case scenario that you can imagine for the UK right now Compounding that with all of those things that we mentioned in our briefings of late You've got the Brexit kind of soft deadline looming in just a couple of weeks And we're still miles away in terms of negotiation as it stands at this point in time You've got the expiration of a number of stimulus measures that were put in place when initial pandemic hit in March The biggest one being the furlough scheme and so lots of different things here all coming at once and the flights of quality Helping the dollar and the fundamental narrative here for sterling just getting hit once again And now it's just having a look at the cable chart. And if I just finish on that Cable has come under considerable pressure in today's session and once again in the overnight session It's looking heavy once more. We've broken 130 now in cable So if we look at cable, where we're trading we've broken that area quite key area of resistance that was seen around 132 in the futures We've just gapped down now to the low that was the support and 30th and resistance on the 28th Any break here then the key area would be keeping an eye on and I do Fundamentally think that whether that happens in today's session when we reopen on Wednesday morning could possibly be the case the key area look at here is 128 That starts to bring in then some of that key levels that we were looking at going back to the summer in June of this year The other thing I'm looking at then is US equities. It's going to be incredibly interested to see how this pans out once UK and Europe come back into the market if it does remain heavy You know one of the things I was just looking at here from a technical perspective Is that in S&P we've just flirting around the 50 DMA here You can see I've got an annotated chart of a couple of different things So let me just move my my camera for a moment so you can see everything So this is looking at the S&P 500 on a daily continuation. You can see we've had this big rotation out of mega captech But a continuation from Thursday Friday and the recommencement following the US return from that long weekend And here we are at the 50 DMA So it'd be quite key to see how we will react here around this level any further push to the downside thirty two eighty four fifty looks good As an area of potential support that would be the high before renewed China tensions really started to Take place towards the back end of July So yeah, that's it guys just wanted to jump on very quickly talk about those breaking stories again from a News point of view the biggest one AstraZeneca's COVID-19 vaccine study has been put on hold Due to its expected adverse reaction in participant in the UK. This is one of the front-running Clinical trials that was ongoing in stage three of development. You know, is this then One of another catalyst to add to some of the bearish sentiment we've seen developing in global particularly US indices of late remember the speed and shape of the economic recovery really depends on How COVID performs and how the governments react and we've seen this in the UK Which would be economically negative and then also how quickly does a vaccine come to market, which is the Astro news So again breaking news just out Thought I would share it. It's getting towards midnight now in the UK So I'll let you guys get some rest and I look forward to updating you in a few hours time in the morning Okay. Have a good night