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Bond Bear Bloodbath: EU Meltdown Sparks Safe-Haven Surge

Courtesy of ZeroHedge. View original post here.

Well that escalated quickly… Italian asset manic-selling, US Treasury panic-buying

Ugly week for Chinese stocks…

But Italy (and now Spain) were probably the biggest headline-makers on the week…

  • Italian stocks worst week since Nov 2016 (US election)

  • Italian stocks worst two-week drop Jun 2016 (Brexit)

  • Italian banks worst week since Jun 2016 (Brexit)

  • Italian 2Y Spread to Bunds biggest spike since July 2012

  • Italian redenomination risk biggest spike ever to record high…

 The Euro is down 8 of the last 9 weeks against the dollar…

European “VIX” spiked to its highest premium to US “VIX” since September of 2017…

And as Italian capital markets cratered, so US Treasuries were bid…

And gold…

And in US, while Trannies and Nasdaq outperformed, The Dow and Small Caps struggled to get green on the week…

FANG-ish stocks managed gains with NFLX best – now bigger than Comcast and Disney…

While EU Banks were ugly, US Banks suffered this week too…

HY Credit risk spiked most since Feb this week…

While stocks clung to the week’s gains, bond yields plunged…

Treasury Bonds had their best week in 13 months (10Y) and 30Y futs saw their biggest weekly price appreciation since July 2016.

10Y tumbled back below 3.00%…

and 30Y rallied off the crucial downtrend-level of around 3.23% – just as Bill Gross said…

And this won’t help as Specs added to already record net shorts this week…

The Dollar index ended the week unchanged after a 5-week win streak…

Overall an ugly week for cryptocurrencies… with Bitcoin outperforming and Bitcoin Cash worst…

With the dollar flat, PMs and copper largely eked out modest gains, but it was crude that was crushed…

WTI plunged back to a $67 handle this week – its worst week since February and worst day since June 2017

Gold managed to get back above – and cling to – $1300… for its best week since March…

But we do note the big swing in Gold/Silver (gold outperforming) today…

Finally, there’s this – Smart money is piling out of stocks at an unprecedented pace, accelerating this week…

Bonus Chart: Since The Fed’s “Dovish” FOMC Statement, bonds & bullion are bid, stocks unchanged and the dollar dumped…


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