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Futures little changed from settlement as a new day in Sydney gets underway, with global markets reversing their moves from the risk-off extremes as we moved through the overnight session. YM +0.5, XM -0.5. There was little in the way of overt drivers for the reversal, but the impending passage of the U.S. fiscal support scheme and assurances from leading health bodies that the new COVID-19 mutation seen in the UK wasn't a gamechanger for vaccine efficacy likely took the edge off of things.

• The latest ANZ-Roy Morgan weekly consumer confidence print saw a slight downtick, but the index still holds above the 100 level. The survey collators noted that "the emergence of a major COVID-19 cluster in Sydney has dampened consumers' otherwise positive sentiment. In Sydney, confidence was down 5.3% in its sharpest weekly drop since July. In the rest of New South Wales, it moderated by 1.9%. Confidence weakened in Victoria (down 2.9%), along with Queensland and Northern Territory. The lockdown of the suburbs around Sydney's northern beaches and the state border closures have reminded people that material downside risks remain. The ongoing trend of higher inflation expectations has the 4-week moving average touching the level last seen in April. As we've noted, this lift is consistent with the likely bottom of inflation."
• Elsewhere, the WTO has formally acknowledged Australia's request re: dispute consultations with China concerning duties imposed by China on Australian barley imports.
• Flash retail sales data headlines the local docket today.