Between AUDJPY and and VIX slamming, the S&P 500 is pushing back up towards green. However, a glance at gold prices (at six-month highs $1365), Treasuries (retraced all of Friday's non-farm-payrolls losses), and Swiss 2Y rates shows a safe-haven bid is alive and well. Yuan offshore rates are modestly strengthening and copper prices are bouncing as hopes remain that the unwind of the multi-trillion-dollar inflation of the Chinese shadow-banking system has run its course and all is well again. Perhaps the algos are confused once again that Europe does not close for another hour.
It seems the algos were not told about the shift to DST in the US (and not Europe) as they try to ramp into the European close that doesn't happen for another hour...
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AUDJPY running the show with stocks...
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Bonds are well bid...
And copper is bouncing as China's NPC closes (and the Yuan rises modestly)
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As a reminder - this is a long way from being over given the re-mortgaging of Chinese collateral. As a gentle reminder - here is how the Chinese cash-for-copper deals work (and are unwound)...
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Charts: Bloomberg