Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

Just when you thought it was safe BTFRH, EM explodes, US macro dumps, and China resumes devaluation…

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

DECOUPLED:

Yuan and US Stocks…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

Bonds and US Stocks…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

Yield Curve and US Stocks…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

Commodities and US Stocks…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

World Stocks and US Stocks…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

EM Tech Stocks vs US Tech Stocks…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

Macro and US Stocks…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

And finally – and most importantly – Global Central Bank Balance Sheets and US Stocks…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

*  *  *

Ok, having got that off our chests.

China’s National Team was back overnight, bidding China stocks after an ugly morning session…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

Small Caps (Russell 2000) managed a new intraday record high before tumbling. Nasdaq broke its 5-day win streak. Cash equities tumbled into the European close, tried to stage the normal momo-ignited rally, then dumped at the close…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

Futures show the chaos better… (Aussie political headlines overnight, pure algo chaos at the open, then another ugly close)…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

Once again the S&P failed to make higher highs and extend its record high breakout gains…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

Tough day for China tech – BABA released earnings (seemed solid), dumped, pumped, and then really plunged…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

Treasury yields were mixed with the long-end lower and short-end higher…extending the week’s trend and flattening dramatically…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

Flattening the curve further still (2s10s at 20bps)…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

30Y yields dropped to 5 week lows…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

The Dollar bounced overnight and extended gains from the kneejerk drop on Fed Minutes…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

After brief pause from the bloodbathery, Emerging Markets were clubbed like a baby seal today with all EM FX lower…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

Led by the Rand (Trump tweets), Real (Lula increasing his lead in polls), Mexican Peso (NAFTA), Turkish Lira (on way back from vacation), and the Fornit and Zloty as Eastern Europe hots up…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

Turkish Lira remains relatively quiet as the whole country is on vacation, but did fade today…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

PBOC fixed the Yuan weaker overnight for the first time in 6 days, and offshore Yuan is tumbling again as the trade talks come to an end…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

Crytpocurrencies jolted lower overnight on the SEC ETF headlines but Bitcoin crept back higher to unchanged on the week…before they snapped in the last hour

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

Dollar strength weighed on commodities…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

Gold futures drifted back below $1200…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

Finally, 2018’s US Macro data is now the most disappointing since 2004…

Bonds Bid, Stocks Skid As Emerging Market Massacre Returns

So much for the greatest economy ever.
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