Bond Yields Plunge Most Since 'Black Monday', Stocks Stumble On Week
This week was brought toy by the words "Distorted", "Different This Time", & "Resilient" and the number 800 (points down in the Dow)...
China's National Team was very evident in their stock market this week (as economic data collapsed along with social order in Hong Kong)
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Source: Bloomberg
European stocks bounced back from early carnage on hopes of German fiscal recklessness...
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Source: Bloomberg
European Banks bloodbath'd...
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Source: Bloomberg
US equities staged a valiant recovery after the midweek collapse - following President Trump's call to the big bank CEOs...Trannies were the laggards as Nasdaq outperformed but all major US indices ended red on the week...
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Defensive stocks dominated cyclicals on the week...
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Source: Bloomberg
VIX was up marginally on the week but ended back below 19...
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Source: Bloomberg
Stocks and bonds decoupled as the former rallied back from near disaster and the latter ignored the propaganda...
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Source: Bloomberg
A big week for bonds with 30Y Yields cratering over 25bps - the biggest weekly drop since June 2012...
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Source: Bloomberg
30Y yields fell to a record low, below 2.00%. And have collapsed 60bps in 3 weeks - the biggest crash in yields since August 2011's Black Monday following the US debt downgrade...
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Source: Bloomberg
While 2s10s did invert briefly this week, it is the 3m-10Y that is more accurate and that remains deeply inverted...
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Source: Bloomberg
Markets shifted to demand a more dovish Fed this week...
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Source: Bloomberg
The dollar rallied on the week but remains below the post-Powell spike...
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Source: Bloomberg
Yuan was stable for the rest of the week after spiking on tariff delays...
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Source: Bloomberg
EM FX tumbled for the 5th week in a row...
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Source: Bloomberg
Cryptos had a rough week...
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Source: Bloomberg
But Bitcoin managed to get back above $10k...
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Source: Bloomberg
Amid the chaos in bonds and stocks, commodities looked positively serene...
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Source: Bloomberg
Aside from some chaos in crude...
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Yuan continues to devalue against gold...
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Source: Bloomberg
Finally, as @LukeGromen noted so eloquently: "Have you ever seen people running into a burning building for safety? You have now."
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Source: Bloomberg
Almost $17 trillion of negative-yielding debt globally!
And a Hindenburg Omen hit stocks this week...
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Source: Bloomberg
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