After a week like that, this seemed appropriate…
Before we get started, let’s note that all is not well in the world (despite the constant happy-talk on ‘Murican media)… Global stocks are down 14% from their all-time-high in January…
31-month lows for SHCOMP as Chinese stocks had another ugly week… (3rd biggest weekly drop since Jan 2016)
“The Chinese stock market does not reflect the speed of the Chinese economy” is what the mainstream media constantly wants to reassure. There’s just one thing…
European stocks were all lower too…
But of course, US equities ended higher… again… The Dow and S&P are no up 6 weeks in a row – because noting else matters. NOTE Nasdaq ended the week lower…
Tesla was clubbed like a baby seal as Elon Musk’s NYT confessional failed to create the “feel sorry for me” narrative he hyped for… (worst day since March and worst week for Tesla stocks since Feb 2016 – after the best week since May 2013)
TSLA Bonds are leading…
FANG Stocks were all ugly too…
But AAPL is soaring to new record highs – holding well above the trillion dollar market cap level…
Bonds were bid on the week too…
10Y Yields ended the week unchanged…
Another week, another flattening in the yield curve…
FX markets were once again an active space – but the dollar index ended the week modestly lower…(biggest drop in 6 weeks)
Despite its bounce – after last week’s collapse – EM FX ended the week lower (3rd week in a row)…
The Turkish Lira surged over 6% after last week’s 25%-plus collapse – this is the best week for the Lira since Oct 2008…
After nine straight weeks of weakness, offshore yuan strengthened in the week…helped by the late headlines today…
Year-to-date, the Argentine Peso and Turkish Lira are now tied for being the dirtiest shirt in the abattoir…
Finally in currency-land, cryptos had a serious roller-coaster week with Ethereum crushed and Bitcoin outperforming but the latter half of the week saw a serious bid back in the crypto space…
Commodities ended the week lower but the last two days have seen a notable rebound…
WTI fell to lowest in 2 months breaking below recent range…
Spot Silver’s weakest since Feb 2016 and has fallen for 10 straight weeks in a row. It’s worst ever run…
And finally, we will leave you with this… US macro data is the most disappointing in 11 months, but stocks love it…
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