Nasdaq Bounces But Dollar, Ruble, Cryptos, China, Tesla, Italy, & Crude Crumble

Just because it makes me laugh…

The Great Fall Of China continues…

 

European stocks limped lower on the day…

 

But US Stocks miraculously bounced at the cash open once again…but ended ugly with only Nasdaq holding gains…

 

S&P and Nasdaq remain shy of their record highs… (nasdaq up 7 days in a row – longest streak since March)

 

FANGs held their gains…

 

Tesla bonds gave up yesterday’s exuberant gains… and the stocks dropped over 2% as Softback talks have failed and headlines that the SEC is investigating Musk hit…

 

Treasury yields went absolutely nowhere today – not something we can remember seeing…

But yields remain 2-3bps higher on the week…

 

Italian bonds tumbled (price) as Di Maio threatened Brussels with more of the same tough tactics in budget negotiations…

 

Another intraday reversal for the dollar index which ended lower…

 

Offshore Yuan was relatively well behaved, hugging the fix but ending very modestly weaker…

 

For once the Turkish Lira was calm (only falling 1%) as Turks met US officials in Washington, but Argentina’s Peso started to plunge again… (ARG Bond yields spiked 25bps to over 9% and MERVAL dropped over 4%)

 

And the Russian Ruble tumbled most since April to its weakest since Nov 2016 (election)…

But the move of the day goes to the Loonie which plunged on headlines that the Saudis would be dumping Canadian assets (as retaliation for poking their nose in the kingdom’s business), but then decided that this was great news and the canadian dollar exploded higher…WTF!

No wonder they call it the loonie.

But cryptocurrencies were crushed again…

 

PMs and copper managed modest gains as the dollar limped but crude was crushed…

 

WTI has now traded in a narrow $3 range for just under a month…

 

Finally, we note that gold is now at its cheapest relative to stocks in 11 years…

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Author: Tyler Durden

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