It’s daily. It’s getting worse. It’s end of cycle. The Mining GFC raged on last night as the US dollar jumped just because:
Brent oil cratered -3.6% to $30.60:
Base metals mostly hit new lows:
So did big miners:
So did most commodity currencies:
And US high yield was weak but emerging market high yield broke to new lows:
Today’s quote of the say goes to Blackstone Group co-founder Stephen Schwarzman at the AFR who:
…has called for calm over China’s financial turmoil rejecting recent suggestions that the country is leading the world into the third leg of the global financial crisis.
He said China was going through an adjustment towards a more consumption-based economy, which would take some more time and involve some upheaval that was only natural for a developing economy.
“It should not be surprising that issues like this should happen from time to time to time,” said Mr Schwarzman, who sold a $US3 billion ($4 billion) stake in his leveraged buyout fund in 2007 to the Chinese agency, which helps manage the country’s foreign reserves.
Only AFR readers are surprised.
MB’s guess is that we are now somewhere near the early days of 2008…