Another buyback-sponsored surge in stocks met with gains in bonds and bullion…
Once again all eyes were on the yuan fix overnight which was set weaker than 7/USD for the first time since 2008, but was slightly stronger than expected (and thus interpreted as China seeking stability)…
Source: Bloomberg
Chinese stocks managed modest gains only again after the fix (and better than expected trade data), but remain well in the red for the week…
Source: Bloomberg
European markets surged intraday with France’s CAC40 back into the green for the week…
Source: Bloomberg
Swissy was safe-haven bid against the Euro as Italian politics reared its ugly head again…
Source: Bloomberg
US Equity markets were ramped back to unchanged on the week…
Small Caps and Nasdaq outperformed on the day…
Dow futures have retraced Fib 61.8% of the post-Powell plunge…
3rd day of a huge short squeeze…
Source: Bloomberg
Kraft Heinz crashed to record lows…
Source: Bloomberg
BYND was battered back below its Secondary offering price
VIX dropped back to a 16 handle today..
Stocks and bond yields dramatically decoupled this afternoon…
Source: Bloomberg
Treasury yields surged early on but between the Italian political news and better-than-expected tail in the 30Y auction, yield tumbled back lower in the afternoon… and are still dramatically lower on the week…
Source: Bloomberg
2Y underperformed, flattening the curve modestly (and a new cycle low in 2s10s)…
Source: Bloomberg
It was another large range day for bonds though (11bps in 30Y after the longest-duration auction ever)…
Source: Bloomberg
Mirroring yesterday’s yield plunge and surge…
Source: Bloomberg
The Dollar Index ended the day lower, but remained in the narrow range of the week…
Source: Bloomberg
Cryptos were lower on the day with Bitcoin still the week’s biggest gainer…
Source: Bloomberg
Another failed attempt at $12k overnight…
Source: Bloomberg
WTI bounced back today on the heels of more chatter from Saudi on stem price drops (and hope of another trade truce with China)…
Source: Bloomberg
Oil prices surged over 3% today, extending yesterday’s Saudi bounce gains…
Iron Ore prices continue to plummet…
Source: Bloomberg
Gold managed gains as it surged back higher on the auction/Italian headlines…
And finally, with today’s re-plunge in TSY yields (and the likely shift in Bund yields due to Italy crisis), negative-yielding debt debacles are leading gold higher…
Source: Bloomberg
And as a quick reminder, Gold remains the biggest winner since The FOMC meeting and stocks worst…
So on the week: Stocks are unchanged, TSY yields are down 14bps, Gold is up 3%, and the dollar is fractionally lower. One of these things is not like the other!!
via ZeroHedge News https://ift.tt/2GXGiBj Tyler Durden