Stocks, Yuan Surge After Yet Another Kudlow Trade Headline Claiming “Deal Is Close”

Algos have gone full retard…again.

In an exact mirror of yesterday’s idiocy – by which a series of headlines raise doubts about the US-China trade deal, spark a rapid plunge in stocks which is instantly bid into the US cash market close and then ramped even higher as Japan opens on the back of “trade deal is close” comments from someone in the US administration – US equity futures and offshore yuan are spiking tonight…

White House economic adviser Larry Kudlow tells reporters:

“We are in communication with them every single day right now,” referring to U.S. talks with China trade negotiators over a phase one trade pact.

“We are coming down to the short strokes,” Kudlow adds noting that a deal is “close…it’s not done yet.”

And for the 51289932nd time, algos panic buy futures!!