The biggest story in the financial markets this morning is the weakness in Chinese assets.
The Chinese Yuan sold off aggressively, experiencing one of the largest one-day declines since December.
Chinese stocks were hit hard with the Shanghai Composite dropping more than 2.8%. Although a significantly weaker trade balance triggered the selling, China’s central bank has been actively allowing the Chinese Yuan to weaken.
Chaori Solar Energy was allowed to default on its corporate bonds ( as suggested some days ago ) and is currently in the process of “selling its solar farms” in order to pay up.
Markets “appear” calm here this morning in a general sense but don’t get too comfortable as this has got some pretty far-reaching implications.
Emerging Markets “EEM” continues its downward trajectory, as the Japanese Yen looks to steady / make a move higher.
Shakey ground here “globally”……but of course – no trouble in U.S Equities.
How’s “short AUD” looking now suckas??