President Donald Trump has begun speaking at the SOTU address and it appears he is sticking to the party line for the most part.

His focus is going to be on some of his key topics:

• Reducing illegal immigration into the US.
• The cost of prescription drugs.
• More on his infrastructure spending.
• There is no indication that he is going to be calling a national emergency on illegal immigration.

The markets are so far unchanged as the speech rolls on.

The ES is flat on the back of another strong night on Wall Street last night.

Overall he is really just talking up the state of the US and all the things that make it great.