Stocks Extend Friday's "Sell The News" Trade 'Deal' Losses

With the bond market 'adults in the room' absent, algos did their best to maintain US equity markets... but failed as they extended the post-trade-deal-like-thing selling continued...

Chinese markets rallied in the morning session then trod water (closing before China's statement)

Source: Bloomberg

European markets ended lower with UK's FTSE worst (after its mega-spike on Friday) as brexit hopes faded again...

Source: Bloomberg

 

US futures show the overnight tumble when China's statement hit (around 5amET)...

 

On the cash side, Nasdaq outperformed - desperately clinging to green on the day as Small Caps and Trannies underperformed...

 

Extremely low volume today (Columbus Day)...

Source: Bloomberg

Treasury markets were closed due to Columbus Day, but TSY futs suggested a 2-3bps compression in yields...

Source: Bloomberg

The dollar limped higher on the day...

Source: Bloomberg

Yuan strengthened for the 4th days in a row...

Source: Bloomberg

Cable ended weaker (despite a mid-morning pump'n'dump)...

Source: Bloomberg

Cryptos are mixed with Ripple notably outperforming and Bitcoin unch...

Source: Bloomberg

Oil was worst as PMs managed modest gains...

Source: Bloomberg

Oil was weak today after doubts re-emerged on the trade deal (demand) and costs (tanker costs soaring)...

Gold futures briefly got back above $1500 but failed to hold it...

 

And finally, there's this...

It's deja vu all over again... but is it 1987 or 2013?

Source: Bloomberg