Its Over, page-9816

First as reported last evening, China PMI down sharply


and Chine 10yr yield tumbled



Overnight US Mfg PMI dropped to lowest point this year
.


and US 10yr bond yield tumbled to 1.15pc



Stocks were all lower on the first day of the month (after futures front-ran the inflows before the bell). Fed's Waller warned in the last hour that if we get good jobs data in the next two months then The Fed will "taper early and fast" and would "taper MBS faster" which spooked stocks a little...
“I think you could be ready to do an announcement by September,” Waller said Monday in an interview on CNBC.
“That depends on what the next two jobs reports do. If they come in as strong as the last one, then I think you have made the progress you need. If they don’t, then I think you are probably going to have to push things back a couple of months.”
“If the jobs reports come in as I think they’re going to in the next two reports, then in my view with tapering we should go early and go fast, in order to make sure we’re in position to raise rates in 2022 if we have to. I’m not saying we would.”
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What we see is Economic Deceleration in progress while Inflation remains steadfastly high due to Supply chain problems which appear intractable.

What we see is WHIPLASH. One day suddenly full of exuberance set FOMO into stocks and the next day a very different outcome. Not an environment to play stocks.

Physical Gold (both US and AUD) steady while paper gold down along with equities.