Futures Red As Reality Returns: Bailout Half-Life Now Laughable

Tyler Durden's picture

After opening and surging to up 18 pts last night (to within a tick of its 200DMA), S&P 500 e-mini futures (ES) have faded the entire gain (just as we said last night) with ES now red. European financial credit is wider on the day. EURUSD has given most of its gains back and Italian and Spanish sovereign bond yields/spreads are considerably wider on the day. US major financials have turned red after opening significantly higher. Swiss 2Y rates are at new record lows at -34bps as the USD has strengthened from 0.8% lower to only 0.15% lower now - which is having an incremental impact on Gold, Silver, and Oil - all plunging at the US day session open. So apart from all that, what did the EUR100bn of #Spailout do for all of us?

ES notably given it all up and now red...

Led by major US financials...

European financial credit now wider (lower on chart)...

and broad risk assets are selling off notably more than stocks for now (as correlation picks up systemically)...

and PMs and Oil are suffering as risk assets plunge and USD rises...

Charts: Bloomberg and Capital Context