Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

Elon Musk…

[youtube https://www.youtube.com/watch?v=RFZrzg62Zj0]

China’s verbal intervention overnight juiced yuan higher…

Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

And sent Chinese stocks ripping…

Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

European stocks followed through…

Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

And US stocks opened gap higher with all eyes watching for new record highs for the S&P… (NOTE that stocks really didn’t go anywhere after the initial burst)…

Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

As usual, futures show the panic bid at the US cash open…

Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

S&P was unable to manage new record highs (for now)…

Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

Of course, Elon Musk grabbed all the headlines – after news of a Saudi stake was then dwarfed by Musk’s tweet about the biggest MBO ever – TSLA share halted at 209pmET and reopened at 345pmET higher…

Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

But was unable to reach $389.61 – the previous record high

Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

Additionally, TSLA bonds rallied (against expectations) thanks to their CoC clause…

Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

A weak 3Y auction did not help today as bond yields pushed higher (all around 2-3bps higher on the week)…

Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

But 10Y Yield remains below 3.00% for now…

Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

The Dollar ended the day lower despite another trend reversal intraday…

Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

The Lira bounced today but it was not too compelling…

Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

But EM did not escape as Brazilian Real tumbled…

Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

Cryptos jumped on the day (aside from Ripple) but remain lower from Friday’s close…

Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

Commodities edged higher but WTI leads the week

Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

However, amid all this chaos, Gold remains relatively stable in Yuan terms…

Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

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Author: HEDGE

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