The Fuse
Stock futures are mixed this morning in pre-market after a violent move again overnight. That should be expected with the VIX now highly elevated into the 20’s. The market is pricing in the uncertainty in the Middle East and until some unknowns are uncovered we will continue to have big ranges up and down.
Stocks across the globe were bludgeoned overnight, especially in Korea where the Kospi at one point was down 9%. In Europe, the STOXX was down early but made up for those losses and gained .5%, Germany and France up nicely. The FTSE added .2%, US dollar was flat after a big run early in the week. Gold is rallying again, more than 1% as is silver, crude is flat. Yields are still climbing as inflation expectations rise, Germany sow yields rise 1bp, 10 yr US treasury up 2bps. In Asia stocks were pounded, Japan off 3.6%, Hong Kong down 2% and Shanghai lower by 1%.
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