Let’s talk Europe. I got up this morning, put two feet on the floor, and I measured and mapped it all.
You should too.
You've had a glaring bear market bounce across all European equities (I’d been waiting for this). You also had the confluence of German Bond yields falling straight down, as the German stock market went down.
Now that’s typical of Quad 4, where bond yields fall and the sovereign bond goes up like you’ll see in treasuries this morning.
Don’t forget that Germany is entering recession again (as we said yesterday in the Q2 Macro Themes Deck). We have global Quad 4 here in Q2 with US GDP currently down around 25% on a quarter over quarter basis.
Stick that in your pipe this morning.
Anybody who bought yesterdays highs we would certainly recommend prayer.