Saturday, 24 November 2018

Black Friday market crash

Crude, Credit Crash As Stocks Suffer Worst Black Friday Loss Since 2010


23 November, 2018


Dow's worst Black Friday performance since 2010 and the S&P's 3rd worst Thanksgiving Week loss since FDR!!
Chinese stocks tumbled after a supported start to the week - this is the worst week for China in six weeks...
European stocks were also down across the board...
Dow was the week's biggest loser but this was Nasdaq's worst week since March...ugly close...S&P has confirmed its correction, closing down 10% from its record closing high...
Futures show the weakness during yesterday's cash market holiday was quickly erased by the machines at today's cash open... and then dumped...
Nasdaq's mid-week bounce managed to get it back into the green barely for the year - everything else is red for 2018...
The early week bounce in FANG stocks faded...

Financials had an ugly week...
Credit had an ugly week with IG spreads blowing out to fresh cycle highs (even as VIX compressed)...
Treasury yields ended the week mixed with the short-end marginally higher and the rest of the curve lower in yield - despite the collapse in stocks...
Inflation breakevens tumbled to their lowest since Dec 2017, tracking oil lower...
It appears the broad derisiking across bonds and stocks on Tuesday decoupled the two asset classes on the week...
The Dollar rallied back up to last Friday's pre-plunge highs again...
Cable slid today as reality hit that the Brexit 'deal' still has plenty of hurdles ahead...

WTI falls by 7.7% to settle Friday trade at its lowest since Oct. 9, 2017

Crude-oil prices carved out fresh yearly lows early Friday, deepening carnage in a commodity that already had futures for the U.S. benchmark and the international contract falling beneath closely watched levels.

Global benchmark Brent oil LCOF9, -5.45% and West Texas Intermediate are in a bear market, usually defined as a drop of at least 20% from a recent peak.



An explosive report published early last month detailing how Chinese intelligence managed to infiltrate hardware used by dozens of US companies and government agencies, from Apple to the Department of Defense, made clear one simple, if disturbing, fact: The US is losing the race to contain China's sprawling intelligence apparatus as it becomes increasingly embedded in the global tech and telecommunications infrastructure.

But the Trump Administration is doing everything in its power to change that. And after threatening the future of one Chinese telecoms supplier (ZTE), the US has been pushing its allies around the world to stop using equipment from another mainland firm with an even larger global reach: Chinese consumer tech and telecoms giant Huawei.

Huawei
 
The news sent Asian markets reeling on what was expected to be a quiet day, given the US Thanksgiving holiday: Chinese stocks fell, with the Shanghai Composite tumbling 2.7%, sending it to the lowest level since the end of October, while the ChiNext index plunged over 3.3%.


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