• following the disastrous US CPI report (more on that below). The best thing that can be said at this juncture is that bonds and stocks are at least marginally off the lows and didn’t dip further (for now at least).
  • Asian markets are deep in the red this morning, with losses ranging from 1.2 percent for the Shanghai Composite to 2.7 percent for the Nikkei. That follows stiff losses of more than 5 percent for the Nasdaq and more than 4 percent for the S&P 500. On the charts things do not look that bad as we’ve seen higher lows since the June trough.


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