MNI EXCLUSIVE: Resolution Foundation Economist On UK Inflation And BoE

Blocks posted at 1031:13ET, 20k said to be a buy vs. other two crosses:

• 20,000 SFRH3/SFRZ3 at -0.485 vs.
• 8,469 SFRZ2/SFRM3 at 0.3625 and
• 7,223 SFRZ2/SFRH3 at 0.365

On 13 November, former information commissioner and president of the Slovenian Red Cross, Natasa Pirc Musar, won the run-off election for the Slovenian presidency in a result that is likely to support political stability in the mountainous eurozone state.

• Pirc Musar, an independent backed by progressive parties, defeated right-wing populist Slovenian Democratic Party (SDS) candidate Anze Logar by 53.9% to 46.1%.
• The Slovenian presidency is a largely ceremonial position, meaning Pirc Musar's election will have little impact on the gov'ts policy direction.
• However, should Logar have won the presidency it could have given a louder voice to the views of the SDS, led by former PM Janez Jansa. In Jansa's third term in office from 2020-22 the PM shifted his party in a much more populist direction, drawing similarities to illiberal Hungarian PM Viktor Orban.
• However, a liberal-leaning president is unlikely to offer any notable criticism of PM Robert Golob and his centre-left coalition gov't.

Stocks surge higher - from session lows less than an hour ago to new session highs in last few minutes. Trading desks note surge in European stocks as well: DAX +1.10%, EuroStoxx50 +0.90% - nears March highs.

• No particular headline driver, trading desks citing technical buy trigger, Santa Claus rally comes early this year. SPX scaling off highs currently trading -5.5 (-0.14%) at 3994.75 (nearing first resistance of 4023.44 61.8% retracement of the Aug 16 - Oct 13 downleg), Dow components still bid +23.5 (0.07%) at 33773.37, while Nasdaq remains weaker -81.5 (-0.7%) at 11241.18.
• SPX leading/lagging sectors: Energy (+0.84%) and Materials (+0.84%) sectors outperforming: Valero Energy (VLO) +4.42%, EQT Corp +3.03%, Nucor Corp (NUE) +3.41%, Corteva Inc ((CTVA) +3.32%. Laggers: Consumer Discretionary (-1.24%), Real Estate (-1.07%), Information Technology (-0.68%).
  
  
• Dow Industrials Leaders/Laggers: Bouncing after heavy selling Fri, Amgen (AMGN) +2.79 at 287.81, Merck (MRK) +2.55 at 100.51, Chevron (CVX) +2.43 at 188.89. Laggers: Microsoft (MSFT) -4.64 at 242.39, Home Depot (HD) -2.17 at 312.77, Apple (AAPL) -1.48 at 148.22.