Elon Musk…
China’s verbal intervention overnight juiced yuan higher…
And sent Chinese stocks ripping…
European stocks followed through…
And US stocks opened gap higher with all eyes watching for new record highs for the S&P… (NOTE that stocks really didn’t go anywhere after the initial burst)…
As usual, futures show the panic bid at the US cash open…
S&P was unable to manage new record highs (for now)…
Of course, Elon Musk grabbed all the headlines – after news of a Saudi stake was then dwarfed by Musk’s tweet about the biggest MBO ever – TSLA share halted at 209pmET and reopened at 345pmET higher…
But was unable to reach $389.61 – the previous record high
Additionally, TSLA bonds rallied (against expectations) thanks to their CoC clause…
A weak 3Y auction did not help today as bond yields pushed higher (all around 2-3bps higher on the week)…
But 10Y Yield remains below 3.00% for now…
The Dollar ended the day lower despite another trend reversal intraday…
The Lira bounced today but it was not too compelling…
But EM did not escape as Brazilian Real tumbled…
Cryptos jumped on the day (aside from Ripple) but remain lower from Friday’s close…
Commodities edged higher but WTI leads the week
However, amid all this chaos, Gold remains relatively stable in Yuan terms…
