US equity markets are surging back to pre-geopoltical risk highs on the back of a headline proclaiming Russia's military drill over...
- RUSSIAN MILITARY EXERCISES THAT WORRIED U.S. DEPARTMENT OF STATE HAVE BEEN FINISHED - RUSSIAN DEFENSE MINISTRY
- AIRCRAFT WHICH TOOK PART IN ASHULUK DRILLS RETURN TO PERMANENT BASES - RUSSIAN DEFENSE MINISTRY
The sheer idiocy of this move is that it was announced back on Monday that the drill would end Friday, just as was reported here and everywhere.
"more than 100 planes and helicopters would take part in the maneuvers from Monday until Friday in its central and western districts."
This is in no way a de-escalation - in fact, had Russia continued the exercise that would have been a clear provocation. But as usual Johnny 5 ignites momentum first, finds out he never actually read between the original lines, and asks questions never.
Treasury yields remain notably more concerned...