The recent U.S. rally loses some steam. Meanwhile, the U.S. 10-year hits a 12-month high, with St. Louis Fed President James Bullard telling CNBC that investors are eyeing a “roaring” pick-up in post-pandemic U.S. economic activity. In energy news, the Gulf region’s cold snap is keeping refineries offline while millions suffer power blackouts. Robust commodity prices have led to Rio Tinto posting its best full-year profit in almost a decade. The UK miner plans to deliver a record dividend. In other corporate news, Nestlé sheds its North American mineral water brands to One Rock Capital Partners in a $4.3bn deal. And Berkshire Hathaway has disclosed a slew of new Q4 share positions including Verizon and Chevron.

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