The epic melt-up in US equities stalled "surprisingly" exactly as Europe closed and the EURJPY-pumpathon, VIX-dumpathon instantly reversed... because it's not rigged at all. The other driver - a dead-cat bounce in Crude - has also stalled as Kuwait's oil minister confirmed no new OPEC meeting until June (hardly good for oil expectations of a production cut any time soon with in OPEC). 5Y5Y inflation breakevens continue to free-fall in US, Japan, and Europe.
As oil slips back below $56...
Oil price recovery depends on how long some producers, especially from shale and oil sands, can endure while pumping at a loss, Kuwait Oil Minister Ali al-Omair tells parliament, according to state-run Kuna news agency.
OPEC to continue with policy to keep output unchanged without engaging in price war