-
JPMorgan: This Morning We're Seeing the Two Things That Markets Hate The Most
Equities tumbling. Gold and silver gaining. Oil plummeting. "It's hard to imagine an uglier morning," writes JPMorgan's trading desk. There's nothing hyperbolic about that statement. At their lows of the morning, S&P 500 futures were down more than 40 points, or 2.3 percent; the EuroStoxx 50 index is doing even worse, down over 3.5 percent. West Texas Intermediate front-month futures sank to their lowest level since May 2003. Sovereign bond yields everywhere are tumbling—except in Portugal, where they're going bananas. And the yen, a safe haven currency, is the best-performing among the majors. The selloff in ... (full story)