US: Rubio's Quad Meetings Suggest Trump Continuity In Indo-Pacific Strategy

Jan-22 14:53

Secretary of State Marco Rubio yesterday held his first meetings at the State Department, convening a conflab of Indo-Pacific ‘Quad’ foreign ministers. The prioritisation of the Indo-Pacific dialogue alliance indicates continuity with the Biden administration in multilateral partnership with Japan, India, and Australia. 

  • Rubio also met bilaterally with his three counterparts and acknowledged the importance of the next Quad Leaders’ Summit, to be hosted by India in September.
  • The State Department said in a readout, tracking closely with previous Biden administration statements, that the four ministers reaffirmed their, “shared commitment to strengthening a Free and Open Indo-Pacific where the rule of law, democratic values, sovereignty, and territorial integrity are upheld and defended.”
  • A Japanese spokesperson told reporters: “This is a very good example that we can continue this kind of minilateral or multilateral cooperation under the second Trump administration,”
  • Trump’s National Security Advisor, Mike Waltz, also met with Japanese Foreign Minister Takeshi Iwaya yesterday, potentially starting discussions on a Trump meeting with Prime Minister Shigeru Ishiba in February -  a priority for Tokyo.
  • The State Department noted that in his meeting with Indian counterpart, Subrahmanyam Jaishankar, Rubio, “emphasized the Trump Administration’s desire to work with India to advance economic ties and address concerns related to irregular migration,” signalling that the Trump administration is likely to target immigration reform from New Delhi in return for ratcheting up economic cooperation. 

Historical bullets

EQUITIES: Mixed Start, Tech Outstrips Staples, Utilities

Dec-23 14:47
  • Cash equity markets open mixed, with the Dow Jones opening flat-to-mildly-lower, the S&P higher by 10 points or so, but the NASDAQ-100 is a standout: higher by 0.6% through the opening bell.
  • Tech names are outperforming defensives including utilities and staples, with NVidia carrying tech higher with opening gains of 1.7%, while megacaps META and Tesla buoy indices more broadly (both are higher by over 1.5% apiece).
  • Tariff talk out earlier today (Biden's USTR launching fresh probe into Chinese legacy semiconductors) failed to materially suppress prices, despite the investigation likely clearing the route for more punitive tariffs on the sector through 2025.
  • The e-mini S&P found firm support ahead of the 100-dma support at 5857.00 on Friday (5861.00 today) and has bounced well - with the price anchored by the 6018.00 50-dma across the past few sessions.

FED: US TSY 26W AUCTION: NON-COMP BIDS $1.585 BLN FROM $72.000 BLN TOTAL

Dec-23 14:45
  • US TSY 26W AUCTION: NON-COMP BIDS $1.585 BLN FROM $72.000 BLN TOTAL

FED: US TSY 13W AUCTION: NON-COMP BIDS $2.146 BLN FROM $81.000 BLN TOTAL

Dec-23 14:45
  • US TSY 13W AUCTION: NON-COMP BIDS $2.146 BLN FROM $81.000 BLN TOTAL