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Daily Close

US Treasuries dropped 2bps taking their cues from the early sharp equity selloff and in the case of Europe from data showing that inflation is still coming short of expectations. The dollar paused its recent powerful rally (despite the Argentine peso trading at fresh lows), allowing most EM currencies and G7 currencies to gain slightly vs. the USD. This was too early and too small a development in aggregate to draw any conclusion but It was a welcome development for stocks to close stronger than where they started during the first hour... and subsequently to avoid violent swings during the day. The rally in European shares has brought them back not too far away from their highs of January while the S&P is now fighting 10 points away from its 200dMa which robots and humans alike often see as the defining line between a bull and bear market. 

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