Well that happened…
As a reminder, Despite all the hoopla, GDP missed…leaving US Macro data at its weakest relative to expectations since…
China stocks rolled over…
And Yuan collapsed…
European stocks rallied on the week after the EU-US trade “deal”…
In the US Nasdaq and Small Caps were clubbed like a baby seal… Trannies and the Dow outperformed…
But futures show the chaotic moves around earnings from the FANGs…
Tech stocks were wrecked this week…
FANGs collapsed to 2-month lows…
All those no-brainers bloodbath’d…
Growth was puked as value soared back on the month…
Today was the worst day for tech stocks relative to banks since Dec 2017
A major factor shift…
JGB yields exploded to their highest since Feb 2017…
This was the worst week for absolute Treasury yield rise in over 2 months and extends last Friday’s BoJ-based bond battering…
The Treasury yield curve flattened very modestly on the week but remains notably steeper from pre-BOJ…
The Dollar ended lower for the second week in a row…
Yuan collapsed to fresh lows…
Cryptos had a good week, bouncing back today from last night’s SEC disappointment…
Copper and Crude fell today as PMs rallied but the story is flipped for the week…
Summing up the week – Techs Wrecked, China Choked, Bonds were Battered, But Bitcoin held a Bid
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