It all just has that feeling...

"It’s not a happy start to the second half. Trade war concerns, U.S. sanctions, Trump’s rants and political problems in Europe, as well as worries about slowing emerging-market growth are all playing their part." - Saxo's Ole Hansen.

China was ugly overnight...

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Europe also closed red - but rebounded from the gap down open... 

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But US equities shrugged it all off as Trump walked back his WTO comments somewhat and all major indices went bid... 

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The Dow closed below its 200DMA for the 6th day in a row... 

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The percentage of stocks in bear territory is also rising sharply with over 22% of the MSCI World names now down more than 20% – more than three times as many seen at the end of January. 

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Tesla pumped (on "hitting" an arbitrary milestone) then tumbled on "missing" the deadline...

Treasury yields roundtripped on the day. After being bid overnight, bonds were sold from 830ET on today back to around unchanged... (short-end underperformed)

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The yield curve reverses Friday's sudden steepening... 

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The Dollar was a one-way street higher today - erasing Friday's losses - until later in the day when the dollar began to roll over...

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The Mexican Peso slipped overnight after AMLO's election victory but bounced into the close...

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Emerging Market FX continues to push lower against the dollar... 

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And cryptos all surged today on the heels of some major short liquidations in Bitcoin...

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All the major commodities were weaker on the day (with a notable gap down open last night)... 

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As the dollar strengthened, precious metals slipped lower, led by Platinum... 

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Gold and Silver were monkey-hammered lower at the 830am fix and never looked back...

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Platinum plunged today - dropping the most since 2011 to its lowest since 2008...

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And finally - because it's the big thing that everyone is ignoring - Offshore Yuan continues its freefall, accelerating today... 

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