Covid-19 mutations cast a cloud. We urge general caution.

Today's slide deck:  https://bit.ly/3mwqV4Q   -  The market is starting the week in a different place from where it closed last  week, as a new hyper-contagious Covid-19 strain has been discovered in the UK, which is feeling even more isolated as the Brexit negotiation window winds down and travel links are rapidly being cut. Oil is feeling the impact of new virus fears, but the iron ore spike higher actually accelerated. We also generally express concern that equity markets may have run too high, too fast. Today's call with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.