Asian equities are all in the red in early trade today after Evergrande and Kaisa Group officially defaulted on their dollar debt, as Asian stocks set for the biggest weekly gain in two months. In the US, the Nasdaq lost 0.9%, the S&P500 fell 0.4% and the Dow Jones Industrials gave up 0.1%.

Covid snapshot update:
• US hospitalizations climb
• London pushing for work from home
• South Korea brings down timing for booster shot down to 3 months

EV stocks on the move:
• Tesla (TSLA) dropped by more than 6% with Elon Musk continuing to offload 10% of his holding (representing around 17 million shares)
• Lucid (LCID) erases $13.5 billion of its value after announcing private offering of convertible senior notes due in 2026

Major economic data:
• All eyes are on US inflation data today for clues on the pace of anticipated tapering, with November YoY rate forecasted at 6.8% vs. a previous of 6.2%
• Last time the US witnessed such inflation figures was back in 1984
• Analysts expect a figure above 7% to trigger a risk-off move