Stocks Spike, Loonie Leaps As Trump Starts "Negotiable" Trade War

"Indefinite exemptions" - sounds a lot like...

"you get an exemption,  you get an exemption,  everyone gets an exemption"

Markets were spooked early on by chatter than Peter Navarro was hoping to get Cohn's job, but that all reversed when headlines proclaimed indefinite exemptions for Canada and Mexico from Trump's tariffs...

FANG stocks fell for the first time 5 days.

The S&P stalled at its 50DMA today...

 

VIX dropped to a 16 handle (because why wouldn't you sell vol as Trump starts an incredibly uncertain trade war)...

 

Treasury yields were lower on the day though they rose after tariff exemption headlines hit...

 

FX markets were the most volatile today with the Loonie and the Peso surging after headlines proclaimed indefinite exemptions

 

The Dollar Index ramped back into a congested resistance area and rolled over...

 

Cryptos had another bad day...

 

With Bitcoin battered back below $10k...

 

Nasdaq and Bitcoin have decoupled once again...

 

Copper and Crude crumbled as the dollar jumped with PMs modestly lower also...

NOTE the plunge in WTI each of the last 3 days has started at the same time of day.

 

Finally, as a reminder, the economic data is not as rosy as you're being told (but of course tomorrow's payrolls print is all that really matters)...

Comments

Ross123 Bud Dry Thu, 03/08/2018 - 17:03 Permalink

No I think he has done something very clever. He took control of the issue, from the USA point of view. If they had gone the WTO route it would have firstly taken a long time and secondly the USA would have had a "general, weak" solution at best.

Now the he has leverage over all sorts of situations.

In reply to by Bud Dry

Ross123 east of eden Thu, 03/08/2018 - 21:32 Permalink

For a start he has obviously leveraged things out of Mexico and Canada in NAFTA negotiations otherwise he would not have given them a temporary exemption. They were probably told months ago what could happen and they did not believe him. Now they know.

Even on other issues, other countries will know not to take Trump lightly because he will be prepared to do things in a way which are not normally done in DC. 

In reply to by east of eden

Snaffew Thu, 03/08/2018 - 16:07 Permalink

Trump is just like Oprah when she gave away cars to the audience...you get a car...you get a car..you get a....you get an exemption...you get an exemption...you get an exemption!

John Law Lives Thu, 03/08/2018 - 16:08 Permalink

Let's all move along.  Nothing to see here, folks.  Nothing but a perfectly rigged market pumped by strategically timed leaks to feed mindless algos to pump the markets at opportune moments.  Yes, I am SURE that a trade war is bullish for the "markets"...  and that ~90-point panic rip in the DJIA between ~3:45 and ~3:55 was purely on fundamentals.

Someone please make the insanity stop. 

D.r. Funk John Law Lives Thu, 03/08/2018 - 16:24 Permalink

We could do without the

"move along"

and "nothing here"

at this point

Separate from that - Fucking post of the day - looks like the authentic move was down at 3:30 following the synthetic pump - someone was (most likely) indeed monitoring the close or had inputted a target (of which was very close to the 930-10 attainment, which weve noted occurs much more often than random) and force-surged the final minutes - because - they "weren't getting their way"

it's obvious manipulator-pathetic-fuckers you're pressing buttons

and you're not fooling -- us

=truthtellers=andrealists=andinvestigators=andcrusaders=Unite

In reply to by John Law Lives

spastic_colon Thu, 03/08/2018 - 16:09 Permalink

lets have some fun shall we..........guesses as to what percent equity indexes are up tomorrow.....my guess is +1.6%

 

PS - the only FANG's down were NFLX and FB

Blankfuck Thu, 03/08/2018 - 16:19 Permalink

Vern! It one of those FED RESERVE FUCKER BANKSTER GANG BANGER RALLY'S! ITS A QUICKIE TAKE THE SHORTY'S MONEY GAME! ITS PART OF THE GAMED DIVERSION PONZI GAME!

ALL THANKS TO THOSE BLESSED GOLDMAN FUCKERS! "ITS GODS WORK"

Arnold Thu, 03/08/2018 - 16:31 Permalink

"NOTE the plunge in WTI each of the last 3 days has started at the same time of day"

Good catch.
Somebody is program dumping.

Cushing complex is A WTI handler, seeming to want to go to vapor.

My best guess, other than maintenance prep, is that the product they have does not handle well some where in the refinery process,
and selling at a discount to clear the decks for better product.

MuffDiver69 Thu, 03/08/2018 - 16:37 Permalink

Only the clowns reading the click bait headlines didn’t know any of this..let me help the sheep out a bit...try reading for once...This was posted last week schmucks

 

Recommendations of the Steel Report:

Secretary Ross has recommended to the President that he consider the following alternative remedies to address the problem of steel imports:

A global tariff of at least 24% on all steel imports from all countries, or

A tariff of at least 53% on all steel imports from 12 countries (Brazil, China, Costa Rica, Egypt, India, Malaysia, Republic of Korea, Russia, South Africa, Thailand, Turkey and Vietnam) with a quota by product on steel imports from all other countries equal to 100% of their 2017 exports to the United States, or

>A quota on all steel products from all countries equal to 63% of each country’s 2017 exports to the United States.

Each of these remedies is intended to increase domestic steel production from its present 73% of capacity to approximately an 80% operating rate, the minimum rate needed for the long-term viability of the industry. Each remedy applies measures to all countries and all steel products to prevent circumvention.

>The tariffs and quotas would be in addition to any duties already in place. The report recommends that a process be put in place to allow the Secretary to grant requests from U.S. companies to exclude specific products if the U.S. lacks sufficient domestic capacity or for national security considerations. Any exclusions granted could result in changed tariffs or quotas for the remaining products to maintain the overall effect.

 

Recommendations of the Aluminum Report:

Secretary Ross has recommended to President Trump three alternative remedies for dealing with the excessive imports of aluminum. These would cover both aluminum ingots and a wide variety of aluminum products.

A tariff of at least 7.7% on all aluminum exports from all countries, or

A tariff of 23.6% on all products from China, Hong Kong, Russia, Venezuela and Vietnam. All the other countries would be subject to quotas equal to 100% of their 2017 exports to the United States, or

A quota on all imports from all countries equal to a maximum of 86.7% of their 2017 exports to the United States.

Each of the three proposals is intended to raise production of aluminum from the present 48% average capacity to 80%, a level that would provide the industry with long-term viability. Each remedy applies measures to all countries and all steel products to prevent circumvention.

The tariffs and quotas would be in addition to any duties already in place. The report recommends that a process be put in place to allow the Secretary to grant requests from U.S. companies to exclude specific products if the U.S. lacks sufficient domestic capacity or for national security considerations. Any exclusions granted could result in changed tariffs or quotas for the remaining products to maintain the overall effect.

 

NoBiggerX Thu, 03/08/2018 - 18:11 Permalink

Another ZeroHedge nothing burger. Every day, ZeroHedge screams and wails like a little girl ...\ohhhh, the sky is falling, ohhhhh the stock market is going to collapse, ohhhhh the Russians are coming, ohhhhhh we are so doomed.  Laughing my ass off at the dumbfuckery here.