Global markets were thrown into disarray on Tuesday as the Italian political siuatuon (see all details here ) was aggravated by trade war fears as D.Trump contemplates additional trade barriers against China and Europe. 10year Bunds yields fell back to 0.26% (from 0.45% before the ling week end) and 10y US Treasury yields fell back to 2.78% (from 3% last Friday) and the vix gapped up to 18% with most indices closing down 1.5%, but off their intraday lows. The euro printed new lows for this move, led by EURCHF more than 1% fall. XAUEUR rallied whilst XAUUSD held back on dollar strength. HY underperformed meaningfully and across the board. Fed Bullard stated that Fed funds rates do not necessarily have to rise, citing “rival” central banks not following up on the US rate normalisation and low inflation bets (he probably meant global markets turmoil). Figures below are from last Friday’s close.
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