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Asian FX Bloodbath Continues; Stocks Slammed As Treasury Yields Push Higher

Tyler Durden's picture





 

In spite of the #winning China PMI print, the bloodbath continues in Asia. EM FX are all getting slayed against the USD with IDR -3%!! INR now -1.6% today alone, breaking above 65 to the USD - a new record low. Stock markets are a sea of red with MSCI AsiaPac (Ex-Japan) down for the 4th day in a row to one-month lows (as even the Shanghai Composite has given up its gains). Philippines caught up after being closed since Friday and is down 6%. US Treasuries continue being sold (10Y hit 2.9250%) but are seeing a small bid as India opens deep in the red (time to lease that gold it would seem). The precious metal is a little lower overnight (gapping down on the China PMI news). The EM bond exodus also continues. There is no silver lining here as tonight's action is about the worst of the last week or so...

 

 

but the entire continent is seeing an exodus of capital (green is higher exchange rate which means weaker currency)...

 

Treasuries are leaking higher in yield (but as the dumping accelerated in Asia a small bid came back)...

 

and AsiaPac bonds are all suffering (these are 5Y)

 

The broadest tracker of AsiaPac stocks we could find is accelerating lower once again...

 

As the entire continent is under pressure...

 

Charts: Bloomberg

 


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