i'm yousef gamal el-din.s -- christmas eve flights due to staff shortages. lng races to the continent to offset russian spy. tings may be a little quieter because it is the day before christmas, but there is still plenty to get through. european markets are closed. bear in mind that beyond the next level, we are seeing quite a bit of weakness coming through on the consumer staples side. u.s. 10 year yields are currently off-line, but we are getting a bit of an indication in u.k. 10-year gilts, 0.9 two. volumes are significantly lighter. g10 fx, this is as quiet and calm as a yoga class. barely above the flat line. brent above $76 a barrel. the russian energy minister sees $75 a barrel range kind of a benchmark of stability going into 2022. i want to get to the european energy story. it is all about that gas crunch as we look at the global markets. just flesh out the cratering, the collapse in the european gas futures. the third day of sharp declines. more tankers crossing the atlantic with u.s. fuel being bro

yousef: sorry -- sam: sorry. because of its efficacy level.t is one that requires you that are not yet available to really help with this in the next month or two. tom: ok, sam, you touched on this, it's still early days, what is your assessment as things stand? yousef: --sam: yeah, i mean south african data, just about to put a note on the terminal, they released stuff on friday and it continues to look good. we've seen data by age groups because one of my worries is this pandemic or cases mostly in the younger group, but you are seeing all of the subjects, people being infected. and the severity looks lower. but just like the u.k., i think you are seeing the strength in lower severity throughout the delta variant also, so to my point of view, of the general view that a lot of the lower severity is hopefully due to levels of immunity, and let's hope the countries that have been vaccinating people more broadly do see the same trend. we need more data. tom: ok, as you say, let's hope at least for that dynamic, that doesn't change. sam fazeli al

yousef: -- yvonne: will of the rally continue to hit more highs?ral bank and china are watching this closely. it is something that has not been there since 2018. probably the kind of number that will ring a few alarm bells in the pboc head office. i would not be surprised if we don't see a pushback from the pboc during today's trading. their favorite time is usually close to the finish of onshore trading late in the afternoon. if they do anything about it, we might see it later in the day. it is certainly a move they probably don't really want. the yuan is already strong on its basket, and they don't need it trading against the u.s. dollar. but the trade data still supports substantial inflows into china. chinese companies are earning such large amounts of foreign currency, they will continue to convert back into yuan. certainly there is a flow pressure from that point of view. it can be getting uncomfortable for the central bank around these levels. maybe part of the optimism is there seems to be some confidence from the government that evergrande

yousef: yeah, so, in south africa, i think you already have a little problem, at least that's what theyaid a few days ago, in that they asked the vaccine manufacturers to slow down the deliveries because they have too much stock in terms of deliveries. so, it seems that, at the time at least, getting people to show up for their vaccination. perhaps the case count or this variant will entice people to come in and vaccinate faster. that will probably take more time to show up in the data. also, boosting, there's no question in my mind, you don't have immunity one day and not the next day. so if you have really high levels of antibodies, even if they're not particularly designed for the omicron variant, you should still get pretty good protection, certainly against severe disease, fingers crossed, but also against infections. i think the u.k. would answer that question well. francine: sam, thank you so much, sam fazeli with the latest on the omicron variant. we're joined by honey what, portfolio manager at pine ridge invented -- investment. i don't know how difficult it is. we've had a cou

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. ♪ yousef: our top stories this morning.agenda takes a big blow as a key senator rejects his $2 trillion spending bill. goldman sachs has already cut its u.s. growth forecast on the move. dr. fauci says he doesn't expect lockdowns in the u.s. despite a spike in covid cases. meanwhile, the uae reports the highest number of covid infections since mid-september

it is being converted more and more readily by corporate's into yousef: -- into yuan.es have not been sufficient to change the trend. rishaad: what else can be done here? they have a lot of tools in their kit, as it were, as well. i'm not sure what this is -- i think you wrote in your column that they could introduce something else. what is that and what more is expected? >> it is an adjustment tool that they use to move the yuan away from market consensus to provide a signal for the market, and they have been using that very actively. today, this was the largest miss we have seen since we started collecting data in 2018. what they could do is make an official announcement that they are reinstituting this, and now even though they have been using it de facto, they said that they were suspending it last year. maybe if they make an announcement it is officially back and explain that it is back because they believe that expectations are one-sided, maybe that will have a bigger effect than we have seen so far. yvonne: what about the broader impact on the global effects mar

yousef owns organic cafe and he joins us now. thank you so much for joining the program. this has happened about 8 times, right? >> yes. 8 times and last week happened twice. last week someone broke the glass and the neighbor called the police but they never showed up. so i called the police when i came in, i was like what happened? he is like we have shortage in the police and they are sorry and maybe we are going to send someone. i'm like i don't need any help from you guys. and then this morning last night i came to the store and then i found the door is broke so i checked the camera and a i found someone break in and come in to steal things. couldn't find anything. because already i don't have cash or nic to take. they already take everything. so i called the police again. and they say okay. we do it online or by the phone? i'm like i want to see a police officer. i can't see a police officer in seattle. it's getting crazy and different city than what i used to live in. do you know what i'm saying? it's getting scary, very scary. they send someone maybe around 2:00. t