After Overnight Chaos, Trump Trade Tweet Sparks Stock Buying-Panic

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After Overnight Chaos, Trump Trade Tweet Sparks Stock Buying-Panic

“home on Thursday”, “home on Friday”, small-deal, no-deal, mini-deal, skinny-deal, “meet with Trump on Friday” – all sent US equity markets flying overnight but when Trump talked of meeting Liu He in The Oval Office, markets got very excited.

[youtube https://www.youtube.com/watch?v=rQqwG_rQx7A]

Chinese stocks rallied overnight with the small-cap, tech-heavy indices dramatically outperforming…

Source: Bloomberg

European stocks ended higher, helped by Trump’s tweet…

Source: Bloomberg

 

Futures show the utter carnage of the overnight chop in US markets…

And in context some key technical levels…

All US Majors were higher on the day after Trump’s tweet…Trannies are back in the green for the week…

Very late on we got headlines of a deal coming BUT smaller than expected…

Odds of a (major) trade deal lifted very modestly today…

Source: Bloomberg

 

Cash equity markets chopped around their key technical levels all day…

 

Momo was very choppy today…

Source: Bloomberg

Dramatic short-squeeze at the open and again in the afternoon…

Source: Bloomberg

Global bank stocks are worth keeping an eye on…

Source: Bloomberg

VIX tumbled to a 17 handle…

Treasury yields were notably higher again on the day, rising around 7-8bps across the curve…

Source: Bloomberg

Pushing 30Y Yields back above 2.15%…

Source: Bloomberg

The Dollar dropped near 3-week lows today…

Source: Bloomberg

As Yuan exploded higher overnight (a 7 handle spike at one point)…

Source: Bloomberg

Cable soared on optimistic Ireland headlines…

Source: Bloomberg

Cryptos drifted lower today…

Source: Bloomberg

Commodities were mixed given the dollar weakness – oil and copper rallied, PMs were slammed…

Source: Bloomberg

Gold traded back below $1500 even as ETF holdings reach record highs…

Source: Bloomberg

WTI rallied on chatter about extended, deeper OPEC production cuts

Source: Bloomberg

Softs sold off after WASDE forecasts (led by corn), heading for worst week since May…

Source: Bloomberg

And finally, US CEOs are signaling an imminent recession…


Tyler Durden

Thu, 10/10/2019 – 16:01


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