By Chris Becker
Everything is fine.
So where to start? US stocks had their second biggest one day falls overnight, with panic selling seeing the three main bourses lose nearly 8% in a single session, alongside European markets which suffered a similar fate. The USD continues to tank against nearly everything with Euro soaring again, gold wavered but then re-energised to briefly hit the $1700USD per ounce level. Meanwhile the bond market saw huge volatility as the 10 year US Treasury yield fell to 0.3% before rebounding to over 0.6% as markets price in some big cuts from the Fed next week. As if that’s going to bring back confidence! Oh and oil prices dropped again. Remember, the oil price shock is probably more important than the virus in the long run…but nobody seems to be watching that closely.