Bloodbath: Futures, Yuan Tumble as 10Y Yields Soar On Global Stagflation Fears
Categories: Crypto News US
Bloodbath: Futures, Yuan Tumble as 10Y Yields Soar On Global Stagflation Fears
With Bank of America conveniently reminding us over the weekend that markets never bottom on a Friday, and that Mondays tend to be the worst day of the week for markets.That's exactly what is playing out today as risk assets are puking across the globe, with S&P 500 futures crashing, the Chinese yuan tumbling amid a growing slowdown in China, and the US 10-year Treasury yield climbing as high as 3.2% as risk parity funds are getting monkey hammered again.
A slide in US stock futures set up Wall Streets main indexes to extend weeks of declines on concerns of a recession amid monetary tightening and surging inflation. Contracts on the S&P 500 fell 2.1% as of 7:15 a.m. in New York, trading at session lows, as the MSCI gauge of world stocks extended its retreat from a November peak to 16% as a wave of risk aversion continues to sweep through global markets after Fridays U.S. jobs data left little room for a change of course in the Feds rate-increase and quantitative-tightening plans.