Posts
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.
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%.
No comments:
Post a Comment
Note: only a member of this blog may post a comment.