Corona-Contagion Crashes Commodity/Stock Markets Worldwide, Bonds & Bullion Bid
As @GreekFire32 correctly mocked:
“Of all the fundamental catalysts like sliding economic growth, inflation, earnings, cash flow… the bears had to wait for a virus from humans eating bat soup to get a 1% sell-off “
A black bat or black cat spoiled the party…
— Yawn Connor (@SPF2Million) January 22, 2020
Doesn’t look so bad…
— 思雪 (@a524952) January 24, 2020
“probably nothing…”
For a sense of the damage (or perhaps more of the calm we have encountered in the last few months)…
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Shanghai Comp’s worst week in 8 months
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S&P 500’s worst week in 5 months
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“Most Shorted” stocks had their biggest weekly drop in 4 months
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France’s CAC 40 worst week in almost 4 months
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VIX’s biggest weekly spike in almost 6 months
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HY Bond Prices worst week in almost 5 months
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Treasury yields biggest weekly drop in 4 months
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Yield curve’s biggest weekly flattening in 2 months
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USD’s best week in 2 months
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Yuan’s worst week in 4 months
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Copper’s worst week in over 5 years
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Oil’s biggest weekly drop in 8 months
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Gold’s 6th weekly rise in last 7 weeks
China ended notably weaker this week (China closed on Friday for lunar new year celebration)…
Source: Bloomberg
Mixed picture in Europe this week with Germany clinging to gains while France and Spain tumbled…
Source: Bloomberg
US Equity majors were all down on the week, unable to hold the hope-filled gains…Nasdaq ended its 6-weekly gain in a row (and AAPL broke its 9 week streak)
Source: Bloomberg
Two big buy programs in the last hour did their best to lift stocks…
Source: Bloomberg
Flu-makers shot higher on the week…
Source: Bloomberg
Boeing rescued The Dow from its worst levels after the machines read FAA comments as extremely positive…
Source: Bloomberg
Managing to magically lift The Dow back above the crucial 29k level (but couldn’t hold it)…
So to clarify – The Dow rebounds on hopes that a plane which is designed by clowns, who are in turn supervised by monkeys, will fly again.
Will you ever fly in a 737 MAX again?
— zerohedge (@zerohedge) January 24, 2020
And the S&P desperately tried to get back to 3300 (but couldn’t hold it)…
Where ‘peak’ gamma is…
“Most Shorted” stocks plunged this week
Source: Bloomberg
Defensive dominated the week’s price action, despite every effort to levitate cyclicals…
Source: Bloomberg
As Dow Earnings expectations plunge…
Source: Bloomberg
VIX touched 16.00 intraday before fading…
The divergence between stocks and bond yields failed to narrow as while stocks fell, bond yields plunged…
Source: Bloomberg
Meanwhile, credit markets are getting clubbed like a baby seal…
Source: Bloomberg
Overall, an ugly week for credit and equity protection markets…
Source: Bloomberg
Treasury yields plunged their most in 4 months this week…
Source: Bloomberg
30Y Yields broke to its lowest yield since Oct 10th…
Source: Bloomberg
Yield curve flattened dramatically this week…
Source: Bloomberg
The Dollar surged to key December resistance, up 3 weeks in a row…
Source: Bloomberg
Yuan plunged on the week…
Source: Bloomberg
A big bounce back in crypto today rescued the week but there was red across the board still…
Source: Bloomberg
Commodities were wildly mixed this week with PMs bid as copper and crude crashed…
Source: Bloomberg
WTI crude futs tumbled to a $53 handle intraday today, lowest in 3 months…
And as black gold plunged, the yellow metal spiked…
This was Copper’s worst week since Nov 2014…
Source: Bloomberg
Finally, it seems the markets hate Liz Warren and don’t think Bernie stands a chance…
Source: Bloomberg
And, as a gentle reminder, everyone and their pet (edible) bat is all-in…
Here’s to the weekend…
Tyler Durden
Fri, 01/24/2020 – 16:01
via ZeroHedge News https://ift.tt/2GjaXrV Tyler Durden