Despite a relatively unchanged US Dollar, commodities across the board are under significant (and seemingly coordinated) pressure this morning. It appears that the key selling began as Europe opened and the carnage in massive commodity group Glencore began to materialize. Glencore CDS is now above 700bps (up 154bps today) and stocks down almost 30% today...
Commodities being sold systemically despite a lack of FX-driven impact...
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And even more worrying, Bank counterparty risk is re-soaring...
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Charts: Bloomberg
