US/Europe Stocks Melt-Up Into EU Close

Tyler Durden's picture

US and European stocks are spiking higher this morning supposedly on the back of better-than-expected data (Philly Fed) and self-referencing bias that surely Janet Yellen didn't mean what she said. Stocks (oddly) melted up on the last Philly Fed release (which was a massive miss). Anyway, fun-durr-mentals aside, this move is all about AUDJPY all the time as Financials lead the way (and are the only sector green post Yellen). European stocks are merelty tagging along for the exuberant melt-up ride. Beware of financials as CDS are widening even as stocks soar - a pattern we have seen before into the run-up to CCAR (stress-tests) and doesn't end well for bank stocks.

 

All about AUDJPY...

 

And Europe catching up into the close...

 

With financials leading the way...

 

But we've seen this exuberance before...

 

and copper is tanking...

 

Charts: Bloomberg