Stocks Plunge Most In 4 Months As Yuan Turmoils To 5-Year Lows
By Tyler Durden
Stallone plays Janet Yellen (sarah is 'the market') ahead of tomorrow…
Bunds joining the Swiss and Japanese in negative 10Y yields land was perhaps the biggest news today…
And the market now sees a higher risk of a rate cut tomorrow than a rate hike..
Which is ironic since US equities are now unchanged since The Fed raised rates in December…
But European stocks won't stop falling… Portugal, Spain, and Italy down 10% in June so far
Led by the big banks at record lows…
And counterparty risk and funding markets are beginning to stress…
As Brexit odds soar to record highs…
Yuan plunged to new 5 year lows.. along with US Treasury curve… as stocks ignore everything (for now)
The last 3 days' drop in the S&P is the biggest in over 4 months…as S&P cash broke back below the crucial 50-day moving average…
The European close marked the near lows today as stocks bounced…
VIX broke above 22 today briefly before sliding back lower (seems like some lifting of hedges and reduction of underlying exposure)…
But the afternoon meltup was all about making sure the S&P closed above its 50DMA at 2076…but failed…
Since the piss-poor payrolls print, things have gone a little turbo…
Credit card companies tumbled on Synchrony concerns on consumer loans…
As financials start to catch down to the yield curve… again!
Treasury yields rose today after initially plunging but remain lower on the week (though 2Y managed to get back to unch – will The Fed hike?)…
The US Dollar Index rose for the 3rd time in 4 days…
As Cable plunged to 2 month lows…(down 4 of the last 5 days – biggest 5day drop in 4 months)
Despite the USD gains, Gold eked out a small gain today as crude slipped lower (ahead of tonight's API data)
Gold topped $1290, ramping off European opening slam…
Finally, we note that Credit Suisse Fear Barometer has soared back near record highs…
And CNN's Fear & Greed index – that we warned about here – has tumbled from “Extreme Greed”..
Charts: Bloomberg
Bonus Chart: A Year ago, China …read more
Source: Stocks Plunge Most In 4 Months As Yuan Turmoils To 5-Year Lows
