Ignore it all…
Chinese stocks slipped lower once again with CHINEXT (China’s tech/small cap index) tumbling the most to its lowest since August 2014…
European Stocks rallied though led by Italy and Spain
Trannies outperformed among the US majors while Small Caps lagged – though all closed the week higher…
S&P 2900 was defended again despite the tumble on the heels of Trump’s trade tariff headlines…
FANG Stocks managed to hold gains on the week…
Outperforming Financials once again…
Tesla stock and bond prices rebounded this week, but bonds remain dramatically decoupled from stocks…
High Yield bonds had a big week (best in 5 months), erasing all the losses from last week’s gap down…bouncing off critical technical support
Treasury yields rose across the board with the short-end rising more than the long-end…
Flattening the curve notably on the week…
10Y Yield touched 3.00% briefly…
The Dollar ended lower on the week…
But remains rangebound…
Offshore Yuan fell for the 3rd week in a row – after its brief respite – to its weakest weekly close against the dollar since May 2017…
Emerging Market FX rallied broadly on the week…
But Brazil and Argentina struggled…
The Argentine Peso closed at a new record low…
Thanks to a late-week surge, Bitcoin managed to end the week marginally higher but the rest of the crypto space was lower – but well off mid-week carnage lows…
Despite a weaker dollar, commodities fail to capitalize…
Copper tumbled and gold futures traded back below $1200…
Finally, we note that ‘hard’ US macro data (i.e. not ‘soft’ survey data), tumbled for the 8th week in the last 9 to its most disappointing since Oct 2017…
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