Copper's China-credit-contraction-driven crash continues as the metal drops to fresh 5-year lows today (on par with Lehman and the US downgrade collapses). Japanese stocks are down over 1000 points from their post-Putin highs. Russian stocks are plunging, Germany's (and Swiss) bonds are surging (as is gold) and European equity and credit markets are in free-fall. But apart from that... Finally we saw the world's angst spill into Yen-carry trades (USDJPY was spanked today - almost biggest drop in 6 months). US equities plunged tick-for-tick with USDJPY (S&P's biggest drop in 6 weeks and red for 2014); Treasury yields were crushed 9-10bps from intraday highs (biggest drop in 2 months); credit spreads banged wider; gold jumped to six-month highs; and EUR weakness (post-Draghi) ramped the USD back near unchanged on the week. VIX was a one-way street higher all day (biggest low-to-high run in 6 weeks) to 6-week highs.
CNBC clarifies "you can't find any single reason for this selloff" - nope, none at all...
But perhaps this is more realistic (h/t @stalingrad_Poor):
JPY-carry collapse sent stocks reeling:
[9]
Only Trannies remain green from Putin's press conference (despite a late-day ramp effort) - this is the 4th down-day in a row for the Dow
[10]
Year-to-date, the S&P joins the Dow in the red once again...
[11]
Financials (trumpeted as the leader of the next leg higher in stocks) are back to unchanged YTD with Utes leading the way...
[12]
VIX was a one-way street higher with 2 efforts to ramp (including the ubiquitous late-day ramp)
[13]
And bonds recovered most of their post-Putin (and issuance rate-lock biased) losses...
[14]
Credit markets continue to be ugly here but stocks playing catch down quickly...
[15]
Demand for safe havens is dominating growth hope this week...
[16]
FX markets were a mess - AUD spiked on Aussie jobs data (but recovered the move in the US session), JPY rallied dramatically, and EUR dumped on Draghi jawboning...
[17]
Copper's drop is starting to look a lot like Lehman... (copper intrday clung to yesterday's intrday lows but closed at lowest levels since mid-2009)
[18]
And Japan is getting spanked... (as JPY drops most in 6 months)
[19]
Charts: Bloomberg
Bonus Chart: The World Stock Market's Equity Price-to-Central Bank Balance Sheet multiple remains very stable (for now)... (h/t @Not_Jim_Cramer)
[20]