Fairly strange and nervous session yesterday caused by an EM mini rout which saw Brazil fall 3% and diversified EM stocks and bonds drop -1.5%, causing a mini flash yield crash in US Treasuries (to 2.90% from 2.99%) at some point. Turkey’s surprise rate hike suported the lira, however. The Nasdaq was the weakest US index for a change, dropping 1%.
The upcoming G6+1 promises some fireworks which may very well be the cause for yesterday’s action. Trump is playing with fire and will get some back this week end. Hopefully he does not flee off E. Macron’s otherwise impeccable suit. He has been rude enough.
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