Roche is breaking support 256
Roche (ROG SW) is breaking support 256 on strong volume. Next support levels are 246/233/228. Source : Bloomberg
Options specialists seem to indicate that $SPX 4350 is the new put wall to watch
Markets & Mayhem shows that we are deep in negative gamma territory, with dealers estimated to be short about $58.41B of gamma exposure This often leads to an increase in volatility as it is more likely that dips are sold and rips are bought.
The PBoC is putting more measures in place to slow the depreciation trend in the yuan
Overnight, the Chinese central bank set its yuan fixing at 7.2006 per dollar compared to the average estimate of 7.3047. The gap - an unprecedented 1,041 pips - was the largest gap to estimates since the poll was initiated in 2018. Source: Bloomberg, zerohedge
China’s heavily indebted property developer Evergrande group on Thursday filed for Chapter 15 bankruptcy protection in a U.S. court
In a filing to the Manhattan bankruptcy court, the firm sought recognition of restructuring talks under way in Hong Kong, the Cayman Islands and the British Virgin Islands. The world’s most indebted property developer defaulted in 2021 and announced an offshore debt restructuring program in March. Trading of Evergrande shares have been suspended since March 2022. The Chapter 15 bankruptcy protection allows a U.S. bankruptcy court to intervene in cross-border insolvency case involving foreign companies that are undergoing restructuring from creditors. It aims to protect the debtors’ assets and facilitate the rescue of businesses that are in financial trouble. Tianji Holdings, an affiliate of Evergrande, and its subsidiary Scenery Journey, also filed for Chapter 15 protection in a Manhattan bankruptcy court, according to the filing. Source: CNBC, FluentInFinance
After falling from $29k Wednesday evening to $27.5k yesterday, #bitcoin crashed $2,000 in just 10 minutes overnight to hit a low of $25,314 on a massive order dump which quickly took out all stops
While it's not clear what the immediate catalyst is, the crash coincides with reports that Elon Musk's SpaceX has sold out all the BTC it previously acquired ($373 million).Others have pointed to China’s Evergrande Group filing for Chapter 11 bankruptcy in New York. The fall has taken Bitcoin's market cap below $500 billion for the first time since June 16 and hit lows not seen since June 20. Source: cointelegraph, zerohedge
Bonds and stocks are tanking together... Are Chinese banks selling US Treasuries to 'fund' their yuan intervention?
Source: Bloomberg, www.zerohedge.com
Bitcoin selling intensifies wth
Some of it has been attributed to legal uncertainties surrounding Greyscale's lawsuit against the SEC, with a ruling coming as early as Friday Evergrande's bankruptcy isn't helping the mood. Source: Markets & Mayhem
Are US consumers heading for trouble?
Only $200 billion is left in excess savings, which is keeping households afloat. 2 months ago, this number was at $500 billion. At current rate, savings will be depleted by September 2023 Source: Game of trades
