If Trump thought reversing the damage done on Monday (when reports that the administration is set to restrict Chinese investment in U.S. industries tanked stocks) was going to be as simple as tipping a less aggressive approach to the review process, he was wrong, because the early relief rally that accompanied the announcement was faded.
No dice, motherfucker.
And besides, Larry Kudlow wants you to know that “the idea of softer or harder is really beside the point”, when it comes to whether modernizing CFIUS is less harsh than a draconian reliance on emergency powers.
Tech was crushed, falling for the fourth session in five:
There was this headline:
"Toyota warns Trump: Car tariffs will increase cost of every vehicle sold in US" pic.twitter.com/KIVEpBbGRm
— Walter White (@heisenbergrpt) June 27, 2018
XLF down 13 days in a row:
More good news for crude bulls following Tuesday’s Iran-inspired gains as EIA data showed much larger than expected crude draw. The dip that Al-Falih engineered last month when he tipped the H2 production increase is now gone:
But for the second day in a row, the rise in oil was no problem for the dollar, which rose to a one-week high:
EM FX index, lowest since November 15:
The big story is the yuan, which is weakening at the fastest pace since the August 2015 devaluation:
The yuan vol. curve is inverted:
Any lira-rand cross traders out there?
Philippines: bear market (there was some quarter-end window dressing that helped propel a rebound on Wednesday, but you get the idea):
Turkey: bear market (basically).
H-shares: bear market.
SHCOMP: bear market (oversold territory for seven days now).
You get the idea: bear markets. Mercifully, European shares managed to rebound today. This helped:
Oh, and I didn’t even know this thing existed, but apparently it does and it gives you an idea of how things are going in crypto world:
Finally, for your moment of zen, here’s an example of “better to remain silent and be thought a fool than to speak and to remove all doubt”…
"He's a man that I've known for a long time and a man that I have respected for a long time." President Trump thanks Anthony Kennedy for his service to the U.S. Supreme Court and says the search for a replacement will begin immediately. pic.twitter.com/uQ10ROfX7h
— CNBC (@CNBC) June 27, 2018