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Deutsche Disappointment Slams Stocks Despite Oil Spike

Monday, October 3, 2016 13:42
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Seemed appropriate..

Remember Friday when Deutsche Bank was ‘fixed’, well it’s not! DB Credit risk has never been higher…

And while Germany was closed, DB ADRs gave back some gains already…

Quick reminder, German markets re-open in 12 hours.

December rate-hike odds surged their highest in 2 years (as Nov slipped modestly…

Despite Yen weakness (carry) and oil’s surge, the Deutsche disappointment slammed stocks…

As Futures show, it’s been a wild ride…

Notably even with the VIX smash, stocks were unable to hold any gains…

The market rebounded a little as biotechs bounced after Hillary ended her speech without destryong them…

And despite everyone’s exuberance at higher rates, financials lost ground (again on DB contagion fears)

The USD Index rallied on the amid Cable weakness (confirmation of Article 50) and Yen weakness…

Cable actually closed at its lowest since 1985

Treasury yields were all higher on the day – even as stocks sold off… (very little flex in the curve as the selling hit as data printed better than expected – ignroing the collapse in construction spending)…

Crude surged as Silvert slumped and copper and gold slipped on stronger dollar…

Which pushed WTI/Silver back to pre-Brexit highs…

Charts: Bloomberg


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