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Quiet Start to New Year
The New Year begins slowly. Japan, mainland China, Australia, New Zealand, and the UK markets remain closed. While Hong Kong shares traded heavily, Taiwan, South Korea, and India moved higher. Led by consumer discretionary and staple sectors, Europe's Stoxx 600 is up about 0.6%. US futures are 0.4%-0.6% higher. European yields have drifted lower, with the periphery doing bettter than the core. The US 10-year yield will begin the local session at 1.51%. The dollar is mostly firmer, after weakening broadly at the end of last year. The Norwegian krone and New Zealand dollar ar the most resilient, while the Canadian ... (full story)