Global Stocks Pop, Bonds Drop As PBOC Slows Great Fall Of China

Elon Musk...

China's verbal intervention overnight juiced yuan higher...

 

And sent Chinese stocks ripping...

 

European stocks followed through...

 

And US stocks opened gap higher with all eyes watching for new record highs for the S&P... (NOTE that stocks really didn't go anywhere after the initial burst)...

 

As usual, futures show the panic bid at the US cash open...

 

S&P was unable to manage new record highs (for now)...

 

Of course, Elon Musk grabbed all the headlines - after news of a Saudi stake was then dwarfed by Musk's tweet about the biggest MBO ever - TSLA share halted at 209pmET and reopened at 345pmET higher...

 

But was unable to reach $389.61 - the previous record high

 

Additionally, TSLA bonds rallied (against expectations) thanks to their CoC clause...

 

A weak 3Y auction did not help today as bond yields pushed higher (all around 2-3bps higher on the week)...

 

But 10Y Yield remains below 3.00% for now...

 

The Dollar ended the day lower despite another trend reversal intraday...

 

The Lira bounced today but it was not too compelling...

 

But EM did not escape as Brazilian Real tumbled...

 

Cryptos jumped on the day (aside from Ripple) but remain lower from Friday's close...

 

Commodities edged higher but WTI leads the week

 

However, amid all this chaos, Gold remains relatively stable in Yuan terms...

 

Comments

Truth Eater Solosides Tue, 08/07/2018 - 17:27 Permalink

Yeah well, murder is illegal and so is talking about it.

Muck Fusk committed a huge crime and just lost his company.  This is the day he destroyed the failing company with a multi-billion dollar crime that will cost every penny he and the company can cough up.  The $1.3 billion loss is just those doing direct shorts.  It does not count the derivatives and other losses that he casually incurred.

In reply to by Solosides

LawsofPhysics Free This Tue, 08/07/2018 - 16:23 Permalink

Exactly my point (which you are far too stupid to even recognize).   I own and control lots of productive capital. My employees and I own and control lots of physical assets and most of us are veterans. My business has survived a great depression and two world wars because I understand what real value is and what the preferred collateral is, regardless of the "fiat du jour". We will do just fine. Oh you thought life was just about you?  LOL!

I suggest you get out of mom's basement and get your tribe in order motherfucker.

In reply to by Free This

D.r. Funk HilteryTrumpkin Tue, 08/07/2018 - 16:37 Permalink

De-luuuuuu-ded

 

Do you have any idea... or no idea... how long we have been trending toward civil-unrest? Peak polarization? In a natural course of societal-cultural division/separation?

Do you really-really think it's incited or goaded by other nations or powers? And that many or a-lot of internal forces have been the spurring and inducement of rift and clash?

 

Do not for a second believe this has not been the path American society has been

heading toward for 10-12 yrs now. And a propagandized notion that it's fueled elsewhere

In reply to by HilteryTrumpkin

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