In a quitter session, relative to recent times, the risk positive vibes have extended into a third consecutive day with higher global equity markets, lower global rates and a weaker USD. After a dovish interpretation to the Fed Minutes, overnight accounts of the ECB’s October meeting revealed a preference for a smaller hike in December (50bps instead of 75bps) while the German IFO survey was also positive (small) surprise. China’s daily Covid infections climbed to a record high, but market remain calm while Chinese media suggest a PBoC RRR could come as soon as today. The US Thanksgiving holiday has contributed to a ... (full story)