From Marc to Market:
Overview: The sharp dollar advance is stabilizing after follow-through gains earlier today. A larger than expected rise in the UK's December CPI helped sterling recover from the push below $1.26, the lower end of a one-month trading range. It is the only G10 currency that is firmer against the dollar ahead of the North American session. ECB's Lagarde pushed back against the early rate cut speculation and this may have stemmed the euro's losses. The greenback approached JPY148 and remains near there now. Taiwan, South Korea, and Mexico lead emerging market currencies lower.
Equity market losses are accelerating. In the sea of red in the Asia Pacific region, HK stood out was a 3.7% drop and the CSI 300 was off 2.2%. Europe's Stoxx 600 is lower for the third consecutive session, and its 1.2% loss is more than the previous two sessions combined. US index futures point to continued pressure on US equities today. European benchmark 10-year rates are mostly 1-4 bp higher, thought the Gilt yield has jumped nine basis points. The 10-year US Treasury yield is hovering 4.05%, little changed on the day. Gold is near $2033, the middle of today's range. February WTI, which peaked on Monday near $75 fell to almost $70.60 today, a five-day low....
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