CONSUMER STAPLES: Carlsberg; €/£ Britvic supply arrives

Of note:

EURUSD 1.08bn at 1.0300.

EURUSD 2.7bn at 1.0300 (fri).

USDJPY 1.89bn at 157.00 (fri).

USDCAD 1.88bn at 1.4275/1.4300 (fri).

• EURUSD: 1.0200 (2.22bn), 1.0250 (1.6bn), 1.0300 (1.08bn), 1.0340 (353mln), 1.0350 (535mln).
• GBPUSD: 1.2200 (300mln), 1.2275 (703mln).
• USDJPY: 156.25 (580mln), 157.00 (470mln).
• AUDNZD; 1.1100 (350mln).
• USDCNY: 7.3500 (818mln).
• USDZAR: 18.5500 (446mln).

The government of the Netherlands said in a statement it has enacted new export controls on equipment used in the measuring and inspection of advanced semiconductors. The controls appear to apply to metrology and inspection systems manufactured by Dutch firm ASML - a crucial component in the supply chain of high-end chips. 

• The announcement comes after sweeping new export controls, announced by the Biden administration this week, designed to curb the US' adversaries - including China and Russia - access to high-end semiconductor technology related to artificial intelligence. The measures include a three-tier licencing system with some US allies, including the Netherlands, permitted unfettered access to US chip markets and some countries, including China, hit with a near-total restriction on advanced US chips.  
• The US measures are seen as a step to formalise a multilateral framework for controlling advanced chip technology before President-elect Donald Trump takes office next week.
• The Dutch government said in a statement: "...the export of these technologies will now also require an export authorisation [to be] decide[d] on a case-by-case basis... [The measure applies to] all destinations outside the EU. It does not constitute an export ban."
• Reuters notes that ASML said in a statement that it sees no additional impact from the measures, adding the rules are "in line" with changes indicated in December.
• ASML noted in December that US restrictions apply to fabrication locations, "mainly in China" and reported measures "do not expect any direct material impact on our business."

Spanish December inflation confirmed flash estimates at 2.8% Y/Y, up from 2.4% in November.  All major sub-components other than processed foods accelerated on an annual basis, with core (ex-energy/unprocessed food) inflation ticking up to 2.6% Y/Y (vs 2.5% prior). 

• Services inflation was 3.7% Y/Y (vs 3.5% prior). A 12.4% Y/Y rise in package holidays (vs 8.1% prior) was an important factor here, with the recreation and culture component at 3.9% Y/Y (vs 2.5% prior). More broadly, the December services PMI highlighted that services firms have been able to pass on input cost rises to consumers. 
• Non-energy industrial goods inflation remained soft at 0.3% Y/Y (vs 0.2% prior). In contrast to services firms, the December manufacturing PMI highlighted that competitive pressures have limited pricing power amongst Spanish manufacturers.
• Processed food inflation was 2.4% Y/Y (vs 2.5% prior), while unprocessed food inflation accelerated to 2.1% Y/Y (vs 0.8% prior).
• Energy inflation was 5.5% Y/Y (vs 2.6% prior), driven by fuel prices.