Tight Rope

by Sven Henrich

Bulls are walking a tight rope here. There are smoldering fires burning everywhere. Almost too many to list, all of which have the potential to unleash a major forest fire. Europe data is getting more lousy by the minute, as is Asia’s. European bank levels are freaking everyone out, and we look one bank shoe drop away from a major support break. Last week it was the UK that announced a negative quarterly GDP print, today it was Singapore that showed dismal figures and dropped GDP growth projections to zero. Yield curves keep inverting and yields keep dropping like flies all around the stench of a global economy struggling. Argentina’s sudden blow-up yesterday adds to global contagion stress and unrest in Hong Kong is rightfully adding to angst in that region. Add plummeting German ZEW data:

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