Analysts at Rabobank noted the incredible bounce on Wall Street from overnight that came out of nowhere.
Key Quotes:
“Late in the day we got one of those inexplicable “I’ve been selling all day so now let’s rush to buy” moments, which obviously has nothing at all to do with algorithms and short squeezes, or trying to get major indices back up to their 200-day moving average, honest.”
“That’s despite the Wall Street Journal saying “US Manufacturers See Signs of New Risks”, underlining the stronger USD, rising costs due to the tariffs, and slower growth in China. Nonetheless, this still saw Treasury yields round-trip in the opposite direction to equities.”
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