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With the kickoff of the Iowa caucuses approaching, Donald Trump remains the favorite among Republicans despite some risks. Concerns about his voter-turnout operation, a contested message over the 2020 election, and potential stormy weather could pose challenges for the former president. However, Trump’s team is confident but not comfortable, as they scramble to lower expectations for Iowa. A victory in Iowa is crucial for momentum heading into the next primaries in New Hampshire and South Carolina.

Equities in Asia are mixed with gains for tech stocks offsetting slumping commodity shares. Wall Street futures are pointing slightly lower after gains across the big three indexes led by a rally for the tech-heavy Nasdaq. Treasury yields and the dollar hover above multi-week lows awaiting comments from Federal Reserve Chair Jerome Powell. Crude oil sinks to a three-month low due to a build in US stockpiles while concerns for the Chinese economy weigh on demand.