US equity futures are lower, while Asian markets are mostly weaker and European equities are modestly lower. Attention remains on the sharp rise in bond yields following a weak US five-year Treasury auction, stronger-than-expected PMIs and hawkish Fed commentary, which reinforced expectations for another rate hike. Oil prices have also rebounded amid no signs of a diplomatic breakthrough between the US and Iran. Meanwhile, attention is turning to the Trump-Xi summit after the US and China agreed to extend their trade truce until January 10, with discussions expected to focus partly on AI-related issues. Trump and Xi could hold another two meetings this year in Shenzhen and Miami.

Companies Mentioned: Knife River, Smurfit WestRock, CMPC, MGM Resorts, People Incorporated

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