Stocks Slump Most In 4 Months As Global Financial Stress Nears 5-Year Highs

With everyone worried about Brexit, we thought the folowing might help clarify (Please Note - Very Not Suitable For Work)...

ok it didn't help at all but we've been wanting an excuse to play that for a while.

Global Financial Stress Index spikes up most since Aug 2011...

 

As Brexit polls surge towards "Leave"...

 

As USDollar Scarcity (panic demand) rears its ugly head again...

 

And GDP-weighted European Sovereign risk surged to 2 year highs...

 

Global Developed Market Sovereign Bond yields have fallen for 17 of the last 18 days to record lows...

 

But here's what sadly really mattered in this week's insane market...

 

A Volatile week..

  • S&P down 1.3% this week - worst week in 4 months
  • DAX down 6.4% in last 3 weeks - worst drop in 4 months
  • EU Financials up 5% today - best in 2 months (down 13% in 3 weeks, worst run since April 2012)
  • TSY 2s30s +2bps - first steepening in 8 weeks
  • 10Y Bund yields down 4 weeks in a row to record lows (-3.8bps)
  • WTI Crude down 3%, worst week in 2 months
  • Gold up 6.6% in last 3 weeks - most in 4 months
  • Cable up 350 pips from yesterday's lows - biggest swing in 3 months
  • JPY up 5.5% in last 3 weeks - 2nd biggest rise since June 2013

Since The Fed capitulated, Gold leads, bonds are just green and stocks are red...

 

And Nasdaq has been the biggest loser post-Fed...

 

On the week, Nasdaq (Apple and Google) was worst along with Trannies...

 

The S&P 500 cash index is glue to its 50-day moving average...

 

While most EU stocks bounced today, the week was ugly, led by collapse in financials...

 

US Financials continue to slide...

 

It was Quad witch so VIX shenanigans were always likely...

 

Treasury yields ended the week down 3-6bps (belly outperforming, long-end wost) after bonds sold off hard post-Jo-Cox...

 

The Yield curve was quite chaotic this week...

 

The US Dollar Index fell for the 3rd day in a row as Cable rallied... but look at USDJPY's death of volatility today...

 

Elsewhere in alternative currencies, Bitcoin surged and gold and the USD recoupled perfectly today (though note the extremely unsusual behavior yesterday)...

 

Commodity markets were chaotic this week...

 

Gold spiked back above $1300 into the close...

 

Charts: Bloomberg

Bonus Chart: Who's right? Bonds or Stocks?