Global Equity markets lost almost $5 trillion in May, more than they did in December!
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Everything was going so great too...
All major US equity markets were ugly in May...
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But, on the week, spot the odd one out...
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Big week for China, thanks to a huge PBOC-panic liquidity injection...
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Europe's worst month since early 2016...
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Not helped by Deutsche Bank closing at record lows...
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All major US equity indices were down this week, led by Trannies and Small Caps... (today was a one-way street lower after Europe closed)
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Biggest weekly drop for the S&P 500 since December
US equity markets had an ugly month - the first losing month of the year and worst May since 2012...
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This was the Dow's 6th straight weekly loss (longest losing streak in 8 years)
But still, remain comfortably green on the year...
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All the major US equity indices are back below their 200DMAs...
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The S&P broke below the key 2800 level...
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Semis suffered their worst month since Nov 2008...
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As the broad S&P tech sector tumbled...
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S&P Energy sector plunged...
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Credit markets blew wider in May (led by HY) and for now, VIX is holding in (even with its curve inversion)
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HY Spreads are shouting their warning that something is up...
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Treasury yields collapsed around 35bps on the month and accelerated lower this week despite talking heads claiming pension rebalancing would bid stocks and offer bonds into month-end...
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This is the biggest May drop in yields since 2010, slamming yields to their lowest in years...
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10Y hit 2.13% intraday as the yield plunge accelerated...
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The yield curve crashed in May, inverting out to around the 15Y maturity...
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With 3m10Y plunging to -22bps...
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Inflation breakevens collapsed - the biggest monthly drop since December...
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The Dollar Index rose for the 4th month in a row
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And as the Dollar surged, EM FX cratered...
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Cryptos managed to hold on to the week's gains after yesterday's ugliness...
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This was Cryptos best month since August 2017...
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Ugly week for commodities broadly with crude getting crushed but gold managed solid gains...
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And Gold managed gains on the month as WTI collapsed...
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WTI's worst month since November, tumbling back below $54...And worst May since 2012
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Gold's best month since January, soaring back above $1300...
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And finally, the market is pricing in 1 rate-cut in 2019 and 2.5 rate-cuts by the end of 2020...
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Stocks will have to sink considerably for those expectations to come true...
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