Global equities were trying to stabilize around the world overnight and this morning. Chinese equities were modestly lower, Japanese stocks were mixed, and Europe was rallying. US futures, for their part, were positive but have now given up all of those early gains and are firmly negative. Oil is modestly lower, precious metals like gold and silver are breaking out, while cyclical metals like copper are flat and iron ore is in free fall with a five-day decline of over 20% as trade fears hurt the outlook for global growth. The real story this morning is the collapse in yields both here in the US and around the world.
Continue reading in today’s Morning Lineup.