DXY to the moon! EUR puked as Credit Suisse all but collapses:
AUD was slain except against the dying EUR:
Gold held up. Oil broke. Big downside here:
Dirt was hosed:
Big miners fell down an abandoned shaft:
With EM stocks:
Junk is next:
The recessionary Treasury curve steepening is here:
As the Wall St bubble quivers but refuses to pop:
‘Twas Credit Suisse that did it all:
- Swiss National Bank will provide liquidity if necessary
- Top shareholder Saudi National Bank rules out more investments
- Shares drop 24% in biggest one-day selloff; euro drops, bonds surge
- US regulators are reviewing banks’ exposure
As somebody said, there is never only one cockroach. Is this the last of them? I doubt it.
This looks increasingly like the credit event we’ve been waiting for. If so, there’ll be more casualties as counterparty risk rocks global banks. KRE still can’t get a bid:
And, remember, this is only the financial phase of the shock. Next comes the real economy phase as credit dries up and growth dies. Earnings and equities will die right along with it.
That is what oil and commodities have begun to price in.
AUD with them.
