Global Stocks ‘Miraculously’ Brush Off Emerging Markets Massacre

Overheard everywhere today…

[youtube https://www.youtube.com/watch?v=aKnX5wci404]

Emerging Market FX was where the headlines were today…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

But stocks in China, Europe, and US all saw miraculous ramps  as EM tumbled…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

Obviously Turkey led the charge… CBRT desperately defended the 7.00 line in the sand for USDTRY..

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

We wonder just how much CBRT blew to hold that line today…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

Turkish stocks were hammered until authorities banned short-selling and BIST-100 bounced…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

But Turkey CDS soared to its highest since Oct 2008…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

The South Africa Rand flash-crashed last night and then faded back after its rebound on idiosyncratic budget concerns and EM contagion anxiety…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

Argentina’s Peso was pummeled, with a modest bounce after BCRA hiked rates 500bps to 45%!!

*ARGENTINA SAYS TURKEY SITUATION ADDED COMPLICATIONS

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

Brazilian Real plunged, signaling EM panic…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

Colombian Peso was pounded… But ECHAVARRIA SAYS COP AT 3,000/USD IS OPTIMAL LEVEL

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

And while LatAm EM was weak, the Asian Dollar Index tumbled to 17-month lows…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre
 

EM FX caught down to EM Debt as EM Stocks are trying to ignore it…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

China stocks were miraculously bid after the lunch break – after tumbling in early trading…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

European stocks ended lower but were ramped on rumors (denied) that Pastor Brunson was to be released…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

Italian bonds suffered…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

Despite desperate efforts to reassure investors that Turkey doesn’t matter… US equities could not hold on to early gains as futures show…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

Cash indices rolled lower as Europe closed then rallied back to unchanged…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

For the first time in over a week, there was no short squeeze at the open…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

European & US ‘VIX’ jumped…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

Odd day for US VIX – opened at 50DMA, spiked to 100DMA, fell back to 200DMA…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

Tesla’s farce continues with blog posts from Musk, denials and rumors about Saudi stakes… TSLA bonds were not buying it (or was buying that the company will be considerably more leveraged)…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

FANG Stocks dumped at the open, then jumped and dumped…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

Treasuries were bid overnight but sold off on the Brunson release rumors, ending the day approximately unchanged…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

10Y Yields remain around BoJ rumor levels…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

The Dollar Index spiked to its highest since June 2017 (up 3 days in a row)…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

Offshore Yuan tumbled back towards cycle lows…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

Cryptos tumbled today – as the dollar soared – with Ethereum worst (as Ethereum Classic maybe impacted markets)…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

And while cryptos were whacked again today, Bitcoin is at 7-month highs in Turkey…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

Dollar strength crushed commodities…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

WTI tumbled to a $65 handle and 7-week lows… (OPEC lower demand forecast and Genscape signaled Cushing stocks building) – before ramping back higher…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

And gold (in dollars) was unable to benefit from any safe-haven bid…dropping back below $1200…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

Gold in Turkish Lira hit a record high…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

But Gold in Yuan continues to be well ‘contained’…

Global Stocks 'Miraculously' Brush Off Emerging Markets Massacre

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Author: HEDGE

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