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Asian morning bites
The rally in stocks didn’t last long. Wednesday’s price action hadn’t looked particularly convincing, but it is noteworthy that the relief rally post-FOMC lasted such a short time, probably not helped by the Swiss National Bank’s 50bp rate hike and a further 25bp increase from the Bank of England. Global money is getting more expensive, and it has a way to go yet. The scale of the sell-off is also eye-catching. The S&P500 fell 3.25%, the NASDAQ fell 4.08%. Selling volumes were also a bit higher than usual, though nothing yet that looks like capitulation. Stocks simply opened sharply lower and then drifted a ... (full story)