02/11/18

Nomura: 'Jaw-Dropping' Risk-On Surges Signal "Soul-Crushing" Stress In Stock Funds



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Nomura: 'Jaw-Dropping' Risk-On Surges Signal "Soul-Crushing" Stress In Stock Funds
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We "cannot overstate the movement overnight" is how Nomura's cross-asset strategy MD, Charlie McElligott, begins his note to traders today, reflecting that the markets' moves are "blistering."

From a macro-perspective, McElligott notes that it certainly looks like the accumulating "real pain" of the escalating trade war (as indicated in "wrong way" global PMIs / US ISM 'New Orders' declines vs leap higher in 'Prices Paid' / lower U.S. corporate margins per Q3 EPS / survey data amongst others), and ultimately, the sensitivity of both U.S. and Chinese leadership to the optics of ....

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