Bank Bounce Breaks Longest Losing Streak Ever But Yuan Collapse Continues

How many more lives does this dead cat have?

 

China had another ugly session overnight...

 

And while UK's FTSE managed to scramble back to unchanged... most of Europe ended deep red...

 

Futures show the scale of today's rebound that started as we headed into the cash open...

 

But on the week, all major indices remain red, with Trannies worst...

 

The Dow closed below its 200DMA for the 4th day in a row... (briefly tested it intraday but was rejected)

 

Banks finally broke their 13-day losing record losing streak - bouncing modestly ahead of CCAR tonight...

 

Just a reminder, here's what happened after February's CCAR...

 

AMZN's purchase of PillPack sent many of the healthcare distributors and phramacy stocks reeling...

 

Treasury yields rose very modestly on the day...

 

The Dollar jerked noisily lower on the day

 

Pick your Peso on the day - Argentina's Peso collapsed to a new record low close as Mexico's Peso surged ahead of elections...

 

EM FX rebounded modestly today, retracing about half of yesterday's losses...

 

Yuan continued its collapse - now down 11 straight days...

 

Bitcoin flatlined today but is holding unchanged on the week as the rest of the cryptospace drifts lower..

 

Despite the dollar weakness, copper and PMs continued to drift lower but WTI extended gains...

 

WTI surged higher on the day and tagged $74.03 at the highs...

Comments

rtb61 lester1 Thu, 06/28/2018 - 21:24 Permalink

Don't be mean, some of them paid $20,000 for that junk.

So here is the reality, silly Americans who buy Chinese crap at Wallmart are too stupid to realise they will now be paying tax on that junk, lots and lots of tax, the poorest of the poor will pay the most tax on those tariffs that they are paying for.

The government of China, just allowed the rimbi to drop so the tariffs had no impact on their exports but suckers in America will be paying more in taxes to fund the next tax cut for the richest.

How much crap out of China do the rich buy for themselves, will they be paying tariff taxes, you guys are just so gullible, it's cute. Tiny angry little kittens fuming when being teased by that bit of food just out of reach.

In reply to by lester1

Alexander De Large Thu, 06/28/2018 - 16:27 Permalink

I remember when I thought the Asians were going to really go for the ring, but as soon as they capitulated, I had to laugh at myself.

For God's sake, this is the same race of people who get surgeries done on their eyes and walk around with umbrellas in the summer to look more White lol

They aren't going to do shit, ever.

The only reason they still eat rice and dress up like dragons every now and then is because we think it's cute.

shortonoil Thu, 06/28/2018 - 16:36 Permalink

The Yuan lost 4.13% in 15 days. The CBs sucked $317 billion out of China in two weeks. In another 5 weeks the US will have covered its annual deficit. This is better than having Mexico pay for the wall!

arrowrod Thu, 06/28/2018 - 18:19 Permalink

The talking heads on the financial* shows told me that Xi was going to kick "Daddy's"** ass.

 

*Wong long time.

**Milo's nickname for the President.

CashMcCall Thu, 06/28/2018 - 21:54 Permalink

Trump just swallowed the US Economic Suicide Pill... With Trump raising the Tariffs every few hot headed moments when he blows a gasket, he has managed to devalue virtually all other currencies of the world by raising geopolitical tensions and dollar speculation. This also dries up dollar liquidity. The Chinese have not devalued but they don't have to since Trump is doing it for them. Can't blame Chinese for this. Trump says Trade wars are good and easy to win. This is exactly what happened with Smoot Hawley. The dollar rose, all other currencies devalued. Welcome to the US Great Depression. Each and every day Trump proves he is an idiot. Trumptards have swallowed the grifter's rusted fishhook.