Risk trades continue to tilt towards deeper worries

Except stock markets

Here’s a quick rundown:

  • Yen crosses are the lows, including USD/JPY down 42 pips to 107.60
  • Gold at the highs, up $ 16 to $ 1515
  • US 10-year yields down 5.4 bps to 1.73%

Those are all session extremes in a sign that the market is increasingly worried about China-US talks falling apart.

The caveat is that the S&P 500 is at 2996, well off the 2984 session low. That could a combination of the Powell put and quadruple witching providing support.

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