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US Stocks started in a suspiciously erratic fashion, initially dropping as Chinese markets continued to suffer from the US mercurial stance regarding world trade and Chinese US investments. D. Trump looks at the US stock market to validate his policy and he likely noticed that the US resilience of the past couple of months have given way to some interrogations. This led Mnuchin to soften the tone of his rhetoric on China...perhaps until the S&P500 reconnects with fresh all-time highs. This did the trick for about half an hour of yet another short squeeze yesterday but then the selling returned, sending all US and international indices sharply lower and most of them closed at the lows for the day. Yesterday saw a number of dominos either accelerating or kicking in on the downside. EM markets were fairly weak on follow through selling from Chinese markets in response to the US administration. Diversified EM stocks dropped -2.2%, EM bonds -1.1% and EM currencies were moderately lower with the notable exception of Russia which saw its currency, stocks and bonds strengthen yesterday, supported in part by higher oil prices. 

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