No “National Team”… No “Plunge Protection Team”… No RRR Cuts… and not a word from Powell. The US equity market massacre is extending overnight as the liquidation crisis smashes into Asia…
The initial red box is the after-hours drop and the second drop is as Asian cash markets opened… (Nasdaq is now down over 6%)
Nasdaq’s plunge led by a bloodbath in FANGs (NFLX -10% now).
From yesterday’s cash close at 26,449, Dow futures are now down almost 1300 points…
AsiaPac markets are a sea of red…
MSCI AsiaPac is plunging almost 4% to its lowest since May 2017…
Taiwan is getting monkey-hammered…
China is opening in freefall…
And it’s not just equity markets.
Currencies are tumbling…led by the Won and Taiwanese Dollar…
Yuan is back near cycle lows…
And cryptocurrencies are crashing too…
There is some green in the world, however…
US Treasuries are bid with 10Y now down 12bps from Tuesday’s highs…
It’s going to be a long night.
