Global Markets Slide, Yields Collapse As European Recession Deepens
After yesterday's furious rebound in the S&P, which almost appeared staged to confirm the Fed hasn't lost control after its shocking doubling down on dovishness which resulted in a bizarre drop in stocks in the last 30 minutes of trading on Wednesday, the rally once again fizzled overnight, dragged lower by European stocks with U.S. equity futures following, while the euro tumbled and 10-year German bunds slumped into negative for the first time since 2016 after miserable data from the German manufacturing sector renewed worries about global growth on Friday.