EM, China Contagion Goes Systemic

As Gluskin Sheff’s David Rosenberg notes, “No contagion, eh? The only folks that can’t see it in the FX and commodity markets spend too much of their day gazing at the SPX and Russell 2000. There is no decoupling, just lags.”

EM, China Contagion Goes Systemic

However, even more seriously, the contagion has spread to the banking system…

European bank stocks have just entered a bear market… as fears over Turkey spread.

EM, China Contagion Goes Systemic

And the world’s most systemically important banks just tumbled to their weakest since…

EM, China Contagion Goes Systemic

If there’s no contagion from tightening financial conditions, then explain that collapse!!
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