A relatively muted start to trade.......>

MARKET TALK: A relatively muted start to trade this week after an active weekend

on the news flow front, with the aforementioned holidays sapping liquidity from

a wide range of global trading venues:

- Key themes covered across weekend news flow include:

- Hong Kong tensions surrounding the security bill have resulted in fresh

impetus behind the protest movement, which was flagged ahead of the weekend.

- Bubbling Sino-U.S. tensions, whether that be surrounding issues re: Hong Kong,

the ongoing tech/trade war or general sabre rattling.

- The EU's frugal four tabling their own alternative EU recovery fund proposals

that would offer loans, not grants, with a two-year time limit (nothing to shock

there).

- UK political rumblings given the perceived transgressions of PM Johnson's

chief advisor Dominic Cummings re: adherence to lockdown measures.

- That being said, we always have to consider the trend of a continued roll-back

of COVID-19 restrictions across the globe.

- Event risk is light in Asia to start the week, so headline flow will be key.