Overheard in Ankara tonight…
Let’s start with FX markets, because that’s where the bloodbathery really escalated…
On the day, the Lira was obliterated…
And on the week, along with the Lira, Argentina’s Peso, Russian Ruble, the Rand and Real all collapsed…
And Emerging Market FX crashed… (the worst week for EM FX since Sept 2011)
The offshore Yuan fell for the 9th week in a row…
But that drop was nothing…
The Argentine Peso crashed to a new record low…
The Turkish Lira went full meltdown to a new record low (note the late day bounce on headlines that some progress had been made)…
The Ruble plunged to 27 month lows…
And The Rand was routed…
And Brazil’s Real was battered…
Crytpocurrencies were clubbed like a baby seal…thanks to a big midweek dump…
Finally, with all the destruction, the dollar surged on the week…
Testing 2018 highs…
Treasury yields plunged on the week as safe haven flows rushed out of EM…
10Y Yield tumbled on the week – not fun for those record shorts…
The yield curve flattened on the week…
The surge in the dollar did nothing to help commodities (but gold was only fractionally lower)
And so finally we get to stocks…
Chinese stocks managed solid gains on the week…(thanks to a big midweek National Team liftathon)
European stocks all tumbled (with UK’s FTSe managing to close the week unch)…Italy was worst…
And in the US, Small Caps and Nasdaq ended the week green, S&P and Dow red and Trannies unch…
5 opening short squeezes in a row helped…
VIX surge back above 13 (terrifying…) and back above its 50DMA but vol of vol is outpacing it…
FANG Stocks managed gains on the week but rolled over today…
Tesla was making headlines all over the place…but ended up giving back all the Saudi/LBO gains and back below the criticial $300 Convert level…
Bank stocks ended the week red…
Finally we note the correlation between stocks and bonds has tumbled back to its most negative (normal) since Nov 2017…
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