* US stocks started the year with a bang and the s&p gained +0.7%, supported by more broad dollar weakness. Nasdaq rose 1.7%. Defensive and rate sensitive sectors were the weakest (utilities dropped -0.9%). Semis gained 3.2% as cryptos stabilized. * The dollar index dropped further -0.3%. MXN rallied as did most other EM currencies. * For the same reason as US stocks rose, European stocks ... dropped -0.5%. * Strength was most notable across the EM space as the twin effect of currency gains (on dollar weakness) and stronger local debt and equity markets took effect. * Precious metals rallied further with gold adding +1.1% to USD1317 and silver +1.4% on dollar weakness ... and whatever else gold is smelling that is not right. * Yesterday’s casualty was the bond market. 10y us and eur govt yields rose 6 and 4bps respectively. * Bitcoin rallied +11.7% from the new year’s eve low as bitcoins readies for another hard fork this week and another technical reason to squeeze with too many analysts perhaps also now too bearish. Bitcoin is heading for deep trouble in our view but the manipulative forces at play are powerful and it will not go without a fight. * Not long after the US cut funding to the UN by more than USD200mn, US Ambassador to the UN Haley said she’ll call for an emergency session of the UN Security Council regarding unrest in Iran. “We must not be silent,” said Haley, who rejected Iranian government accusations that the protests have been orchestrated from abroad. “The people of Iran are crying out for freedom.”, she said. The US will vote on imposing new sanctions on Iran despite the international accord in 10 days. D. Trump also tweeted about reducing aid to Pakistan and Palestine. In a separate tweet, he compared the size if his nuke button to that, much smaller, of the North Korean leader...

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