Not much in the way of broader risk.....>

MARKET TALK: Not much in the way of broader risk themes worth noting early on,

with e-minis, T-Notes and core G10 FX pairs little changed.

- The aforementioned EU fiscal backdrop, coupled with the headwinds from the

uptick in COVID-19 worries in the likes of Hong Kong, Italy and Spain, as well

as alarmist rhetoric from several U.S. state leaders on the same matter provide

some headwinds for risk assets.

- Elsewhere, Sino-UK tensions are bubbling, with suggestions that UK Foreign

Secretary Raab may tear up its extradition treaty with Hong Kong, in the wake of

comments he made on Sunday.

- Offsetting this, some positive reports re: the development of a COVID 19

vaccine over the weekend (surrounding the heavily watched Oxford University

product) are providing some cushion.

- Looking to the docket in Asia, there is little to really steal the limelight

in terms of the regional slate, with no change expected at the latest monthly

PBoC LPR fixings. Headlines surrounding the EU leaders' summit are set to

dominate.