Crude, Credit Crash As Stocks Suffer Worst Black Friday Loss Since 2010

Zero Hedge

Fri, 11/23/2018

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Dow's worst Black Friday performance since 2010

Chinese stocks tumbled after a supported start to the week - this is the worst week for China in six weeks...

European stocks were also down across the board...

Dow was the week's biggest loser but this was Nasdaq's worst week since March...ugly close...S&P has confirmed its correction, closing down 10% from its record closing high...

Futures show the weakness during yesterday's cash market holiday was quickly erased by the machines at today's cash open... and then dumped...

Nasdaq's mid-week bounce managed to get it back into the green barely for the year - everything else is red for 2018...

The early week bounce in FANG stocks faded...

Financials had an ugly week...

Credit had an ugly week with IG spreads blowing out to fresh cycle highs (even as VIX compressed)...

Treasury yields ended the week mixed with the short-end marginally higher and the rest of the curve lower in yield - despite the collapse in stocks...

Inflation breakevens tumbled to their lowest since Dec 2017, tracking oil lower...

It appears the broad derisiking across bonds and stocks on Tuesday decoupled the two asset classes on the week...

The Dollar rallied back up to last Friday's pre-plunge highs again...

Cable slid today as reality hit that the Brexit 'deal' still has plenty of hurdles ahead...

Crude was the week's biggest loser as the rest of the commodity space largely trod water...

This was Oil's worst week since Jan 2016...

We do note that oil spiked a little into the close amid some OPEC/Saudi jawboning...(but still ended down 6% on the day)

Saudi Arabia and OPEC are inching toward a compromise between pleasing the U.S. with policies that won’t lead to price spikes and throttling back the flow of its oil to rebalance oversupplied global markets. The solution the cartel is considering: A production cut that doesn’t look like a production cut. Under such a scenario, the Organization of the Petroleum Exporting Countries would announce plans to retain current output targets, first set in 2016. That move would imply a production pullback because Saudi Arabia is overproducing by nearly 1 million barrels a day, according to people familiar with the matter.

Gold managed gains against the yuan while treading water against the dollar...

Finally, we note that 'soft' survey data is starting to catch down to the 'hard' reality of real economic data...