POWER: Finland’s 240MW Biomass Plant to Undergo Maintenance 20-28 Feb

• Due to extreme cold weather in the Washington D.C. area, President-elect Donald Trump and Vice President-elect JD Vance will take the oath of office inside the United States Capitol building today. Please find a rough guide of the Inauguration Day schedule inside.  
• In a break with tradition, several foreign heads of state and government will be in attendance, including Italian Prime Minister Giorgia Meloni, Argentine President Javier Milei, and Ecuadorian President Daniel Noboa. China’s vice president, Han Zheng, will attend on behalf of President Xi Jinping, who declined an invitation.
• Trump is expected to announce an unprecedented swathe of executive actions grouped into three broad policy buckets: Government reform, energy, and border security.
• Trump is expected to sign the orders in law via a series of ‘omnibus’ packages throughout the day. Notably, no reports of Trump’s Day 1 orders make substantial mention of tariffs or trade. We have a summary of the roughly 200 expected executive orders inside.
• Trump intends to visit China within his first 100 days in office, according to the Wall Street Journal.
• The incoming Trump administration wants regime change in Venezuela but that “doesn't necessarily mean military action,” according to Axios.
• Poll of the Day:  Americans are more aligned with Trump ahead of his second term than they were during his first term. 

Full article: US DAILY BRIEF

• Bund is now testing Friday's low of 131.50, and {us} US Tnotes (TYH5) is also seeing some selling interest at the low, just git sold in 3k.
• Further downside in Bund future would see next support at the 131.00 figure.
• The French OAT sees Friday's low at 122.02, so far printed a 122.08 low.
• No Impact in the USDJPY as of Yet, the move in Bonds is very gradual, 1 tick at a time and nothing fast, but still worth keeping an eye on Tnotes.

• In the FI space, the trend in Bund futures is unchanged, it remains bearish. However, the Jan 15 rally highlights a short-term reversal signal - a bullish engulfing candle. It suggests scope for a continued corrective phase that would allow an oversold trend condition to unwind. A continuation higher would open 132.47, the 20-day EMA. The bear trigger has been defined at 130.28, the Jan 15 low, a break would resume the downtrend.
• The trend condition in Gilt futures is unchanged, the direction remains down. However, strong gains last week highlight the start of a corrective phase and if correct, signals scope for a continuation higher near-term. Attention is resistance at the 20-day EMA, at 91.55. This average has been breached, a clear break would suggest scope for a stronger retracement. On the downside, the bear trigger has been defined at 88.96, the Jan 13 low. First support lies at 90.68, the Jan 16 low.