Tuesday In Charts: ‘Remember To What You Owe Your Good Fortunes’

So first, this (summarized in two handy bullet points via Bloomberg):

  • Vice President Mike Pence breaks a 50-50 tie in the U.S. Senate to allow debate to begin on legislation to repeal Obamacare.
  • Senate votes 51-50 to agree to a motion to proceed to health- care legislation that was passed by the House, H.R. 1628, which would be subject to amendments; the exact shape of the bill remains unclear

Stocks hit more records today helped by Caterpillar and McDonald’s which were sharply higher on earnings (“I’m Lovin’ It“):

MCDCAT

The Nasdaq underperformed as Google fell.

The VIX crashed near an 8-handle, which is pretty much all you need to know about that, although I guess it’s worth noting that it did move higher later in the session:

VIX

Yields rose throughout the session (ahead of the Fed) as multiple block trades weighed on Treasuries.

10YYield

10Y

Blocks

30YYield

Blocks2

As Treasury yields go, so goes USDJPY, which was also buoyed by characteristically absurd BoJ minutes, which pressured the yen against all its G-10 peers:

USDJPY

Crude posted its biggest intraday gain in at least a week, as bulls are emboldened by promises of August export cuts from the Saudis and signs US operators are starting to rethink capex plans. Of course this could all turn around when the API data hits.

Crude

Notably, we’ve now recouped all the losses from the Petro-Logistics report that undercut the market on Friday:

WTI

The dollar fell sharply as the euro and the pound surged suddenly early this morning, but the greenback managed to recover, helped by rising yields:

DXY

The euro was hilarious, spiking hard to trade above 1.17 for the first time since August 2015, only to give it all back after an IMF report encouraging the ECB to keep its stimulus program in place citing downside growth risks:

Eur

The Germans are “euphoric”…

IFO

…which helped European stocks rally after two lackluster sessions:

Sx5e

Bunds fell with Treasurys:

Bund

Copper is loving all this optimism, and growth, and what not:

Copper

Finally, as Citi’s Matt King put it earlier this year, “we think the timing would be good for investors too to remember to what they owe their improvement in fortunes”…

BalanceSheet

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