MARKETS ENDING 2020 IN ‘RISK ON’ MODE The past w eek has brought further sombre Covid-19 news with cases continuing to rise sharply in many countries. As a result, higher levels of restrictions have been imposed across much of Europe including the UK. Controls are looser across most of the US but with Covid-19 cases still rising sharply there, that position may change in the new year. Despite those adverse developments, the mood in markets remains relatively upbeat. The start

All eyes are on the final announcement from the 11th-hour talks, in Brussels, over the finer details of the outstanding areas: Level Playing Field and Governance. Our Currency Dealers' views: A no-deal Brexit may have been a serious possibility six weeks ago - with serious consequences for the Good Friday Agreement. However, the world's geo-political realities fundamentally shifted after the election of Joe Biden and the Democrats' retainment of Congress. Joe Biden; House Spe

IMMINENT VACCINE ROLLOUT Optimism that an end to the pandemic crisis is drawing nearer provided further support for risk appetite in global financial markets. The national lockdown ended in England on 2 December (although almost all of the nation is now in tier 2 or 3) and the UK became the first country to approve the Pfizer/BioNTech vaccine, with the rollout expected to begin as early as next week. The most vulnerable parts of the population and care workers will be priorit