tyb and glad to see moar anons doing the ba thing
peace for you and your's as always sa
Stocks Slide, Bonds Soars, Dollar Rebounds As Traders Have A Question For Powell
Something is off. (they are just figuring that out now?)
Over the past decade, any time the Fed, BOJ or ECB surprised the market dovishly, risk assets surged. And yet, when the ECB did just that on March 9, when Draghi unveiled TLTRO prematurely, the Stoxx slumped. And, more concerningly, after a brief rally yesterday at 2pm in kneejerk response to a Fed that has now fully capitulated on normalizing monetary policy and announced it will end its balance sheet runoff by September, US markets not only faded all gains, but closed sharply lower.
When commenting on the Fed's decision, and the market's surprising reaction, we said that it was too early to draw conclusions from the S&P's reaction, where a blast of selling took place at precisely 3:30pm setting the dour mood into the last 30 minutes of trading. However, the overnight session which saw both European stocks struggle and U.S. equity futures slide despite some bullish sentiment in Asia, it appears that investors still have a some questions for Powell, among which the most important one: "What does the Fed know that nobody else does for it to capitulate so abruptly", and what might be lurking in the shadows.
So far that answer is missing, and it explains why US equity futures have continued to sink despite a Fed which is now all in on reflating if not the economy, which by now it is clear it has little control over, then at least capital markets. Meanwhile, as risk assets are shunned, investors are plowing into safe havens as the yield on 10-year Treasuries extended Wednesday’s drop, rates slumped across Europe and gold jumped.
As European shares wilted and futures faltered, banks suffered the brunt of selling from the dovish doubling down, expressing traders' usual worries about low borrowing rates, and dragging the European STOXX 600 down 0.2%, though London’s FTSE edged up as its miners were lifted by higher copper and metals prices.
But the real action was in the bond markets, where the stampede into safety continued, with the 7Y inches away from inverting below the effective Fed Funds rate. (dis is NOT good)
Earlier in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.5%. Chinese blue-chips, which spent the morning swinging between small losses and gains, were up 0.4% in afternoon trade, while Seoul’s Kospi also added 0.4% as regulators announced plans to cut the stock transaction tax this year. Australian shares ended flat after see-sawing throughout the day. A drop in the jobless rate tempered market expectations of a rate cut. Markets in Japan were closed for a public holiday.
In other central bank news, also overnight, the Swiss National Bank kept rates on hold, cut its inflation forecast and said it will remain active in the currency market to curb any appreciation in the Swiss franc
rest at link with charts.
https://www.zerohedge.com/news/2019-03-21/stocks-slump-bonds-soars-dollar-rebounds-traders-have-question-powell
https://www.bloomberg.com/markets/stocks/futures
https://www.dailyfx.com/crude-oil
https://www.kitco.com/charts/livegold.html
not a full on buddhist here but have enough with 'sprinkles' of a few other things. completely org'd religion turns me off big time. but not dissing those that do it.
10Y Treasury Yield Tumbles Below 2.50% As 7Y Inverts
The bond bull market is alive and well with yesterday's bond-bear-battering by The Fed extending this morning.
10Y Yields are back below 2.50% for the first time since Jan 2018 completely decoupled from equity markets.
The yield is now massively inverted to Fed Funds.
Finally, we note that Nasdaq futures have erased all the post-Fed gains.
https://www.zerohedge.com/s3/files/inline-images/bfmCA1F.jpg?itok=_jgnif7R
correct sauce
https://www.zerohedge.com/news/2019-03-21/10y-treasury-yield-tumbles-below-250-7y-inverts
Biogen scraps Alzheimer drug trials, shares slump by a quarter
TOKYO/BENGALURU (Reuters) - Biogen and partner Eisai Co Ltd are ending two late-stage trials testing the experimental Alzheimer's drug aducanumab, marking the latest setback for an industry racing to develop treatments for the memory-robbing disease.
Analysts expect the successful development of a treatment for Alzheimer's, which affects about 5.7 million Americans, to virtually guarantee multi-billion dollar annual sales, but experimental treatments have had a dismal track record with more than 100 failures.
Shares in Biogen slid 26 percent in premarket trading to $235. Japanese markets were closed for a national holiday.
The decision to discontinue the trials was made after an independent data monitoring committee reported the drug was unlikely to be successful, the companies said. The recommendation was not based on safety concerns, they added.
The trials ended just two weeks after Eisai's CEO expressed confidence in the drug. "I believe we have already gone through the riskiest stage," Haruo Naito told a press conference earlier this month.
Investors have long been sceptical of Biogen's Alzheimer drug pipeline and the company has been making acquisitions to diversify its potential future treatments.
SVB Leerink analyst Geoffrey Porges said in a note that the brokerage could not find any near term catalysts that would help Biogen's stock recover above $300.
Big drug companies including Eli Lilly, AstraZeneca Plc, Roche AG, Pfizer Inc, Merck and Co Inc, and Johnson and Johnson have all previously abandoned Alzheimer drug trials over lack of effectiveness or safety concerns.
Still, Biogen said it would not abandon its efforts to develop a treatment.
"This disappointing news confirms the complexity of treating Alzheimer's disease and the need to further advance knowledge in neuroscience," Biogen Chief Executive Officer Michel Vounatsos said.
"We will continue advancing our pipeline of potential therapies in Alzheimer's disease."
The companies will also discontinue a mid-stage study and a long-term extension study of aducanumab which was designed to target the brain-destroying protein beta amyloid.
https://www.marketscreener.com/news/Biogen-scraps-Alzheimer-drug-trials-shares-slump-by-a-quarter–28206408/?countview=0
sauce for cap
https://www.secform4.com/
https://www.secform4.com/