We had it all wrong after all – Global trade war escalation is bullish for global stocks after all!!!!
Chinese markets accelerated higher – erasing all losses post-trade-war escalation…
European stocks extended yesterday’s gains – soaring higher on the week…
US equities extended yesterday’s gains to erase the losses from trade war escalations and fill Sunday night/Monday morning’s gap down… but as the last hour hit, stocks started to fade.
So, Chinese stocks are up on the week (record buybacks), European stocks are up on the week, but US stocks are down on the week – who’s winning the trade war?
Another short-squeeze at the open… getting “most shorted” stocks almost back to unch..
Bonds and stocks remain decoupled (even as bonds were sold as stocks rallied today)…
Treasury yields rose on the day (up 2bps at the long-end and up 4bps at the short-end)…
But 10Y Yields are still well below 2.50%
The dollar soared today after a small dip at the European open…back to pre-payrolls levels…
Yuan tumbled through key support to its weakest since Nov 2018…yuan is down 7 of the last 8 days.
Ethereum outperformed today, soaring 50% on the week as Bitcoin dipped…
Notably, Bitcoin/Ethereum has been wild ride in the last few weeks…
Silver was slammed today as WTI surged…
Finally, global money supply continues to shrink rather unsupportively for stocks…
via ZeroHedge News http://bit.ly/2Jo7pIy Tyler Durden