Yesterdays market turmoil. Certainly, futures are doing better than the carnage of yesterday. Mohamed elerian will be joining us. We will get to dr. Elerian soon. What did you see in the literature overnight about able or a bear market reversal . Bearbowl a bull or market reversal . Jonathan the driver the last few weeks has been the sequential movement we have seen. The limits of normalization, the limits of recovery. Iec think several states in america this week, that is what to keep in mind in this market. What i found fascinating was the separation of Ig Investment grade from real, tangible carnage in high yield. First of all, oil prices are tumbling the most since april. That was the main driver of what we saw in the highyield space. All through the market, you saw this grab for cash. A return to what we saw in march. We saw the dollar surge and goal declining. People looking for cash to offset risk positions. ,t raises the question again what does this say about the feds ability
More downgrades. This time not on the sovereign but u. S. Banks, 10 downgrades overnight. Tom there is a bank story in italy as well. That is the economic thing to look at. Overwhelming everything here this morning led by the news out of china is it is deflation tuesday. Im looking at the screen and i have not seen that screen in 4, 5, six years. Jonathan dreadful. Tom we were out in front of the story, there is deflation in the air. I can bore you with eight ways, all you have to do is say even oil breaks down. Jonathan every time i get data out of china, it is downside surprise. Lisa one interesting area, the divergence between the u. S. And china has been accelerating. What you have seen with respect to the u. S. Dependence on china is it is decreasing even though in europe it is not. I wonder how much those stories are linked. The underperformance of germany and the outperformance of the United States. Tom the banks have to deal with this disinflationary, deflation tendency. You go
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Kevin, a Lehig.
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