If This, Then $137 Billion Of ‘Hard Mechanical Deleveraging’

If This, Then $137 Billion Of ‘Hard Mechanical Deleveraging’

Nomura's Charlie McElligott wasn't surprised. "Who woulda thunk it?!", he asked, rhetorically, as risk assets shuddered amid Evergrande contagion fears. The implied "I told you so" from McElligott was more about his persistent warnings on a post-OpEx "window for movement" than it was about China risk. Throw in the possibility that the long shadow of the September Fed meeting could keep the vol-sellers at bay until the dot plot event risk passes, and you had a recipe for an accident. Read more
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