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Behold! A ‘Jaw-Dropping’ Black Swan Yuan Event
It's Friday, there was a monumental rally in Asia based on some possibly misplaced optimism around trade negotiations, and Nomura's Charlie McElligott is excited, ok?!
"[I] cannot overstate the movement overnight", McElligott writes, kicking off his last daily note of the week.
Charlie appears to be in the camp that believes Trump's newfound willingness to "bend" on trade is the direct result of the October selloff in U.S. equities and, relatedly, the optics around that selloff ahead of the
Black Swan’s gonna start looking like pigeons… Is that the second or 3rd 5+ sigma of 2018? XIV VOLpocalype collapse was a 6, correct?
Trump, in my mind, is a Hitchcock movie. Let’s call it THE BLACK SWANS.