Rand Crashes, EM Stocks Plunge As Trader Warns, Absolutely Ignore The "It's-Priced-In" Meme

Extending its losses from yesterday, following the untimely sacking of a fiscally responsible finance minister, South Africa is in freefall - Rang crashed above 16 (record lows), stocks have crashed, and bond yields exploded:

 

China's Yuan hit a fresh 4 year low...

 

 

EM Stocks are plunging...

 

And of course US High Yield Bonds...

 

Dow Dumps Over 300 Points From Thursday Highs After IEA Warns Oil Glut To Worsen

'As goes oil, so goes the US equity market' appears to bethe new mantra. Just as yesterday's pump-and-dump tracked oil, so in the pre-market, WTI Crude plunged back to fresh 7-year lows after IEA warned that the oil glut will worsen, with prices lower for longer as demand remains subdued through at least 2017. This in turn sent US equities tumbling with Dow futures down 200 points (down 330 from Thursday highs).

Spot the difference...

 

Putin Orders Military To "Immediately Destroy" Any Threat To Russian Forces

Russian President Vladimir Putin has ratcheted up the rhetoric in what appears to be one step closer to the potential for direct conflict with The West. While not detailing 'who' he was focued on, amid the obvious Turkey-Russia tensions, Putin told a session of the Defense Ministry's collegium that "I order to act extremely tough. Any targets that threaten Russian forces or our infrastructure on the ground should be immediately destroyed."

Frontrunning: December 11

  • Futures down sharply as oil hits seven-year low (Reuters)
  • Oil slides to new seven-year low as IEA warns of worse glut (Reuters)
  • But... but... they all said... Cheap Oil Gives Little Help to U.S. Spending (WSJ)
  • Disappearances in China Highlight Ruling Party Detention System (BBG)
  • China’s Credit Rebounds as Stimulus Helps Boost Loan Demand (BBG)
  • Junk Fund’s Demise Fuels Concern Over Bond Rout (WSJ)
  • No cheer as China yuan hits four-and-a-half-year low, oil at seven-year low (Reuters)
  • Fixing the Falling Yuan (WSJ)

Dow, DuPont To Merge In $130 Billion Deal; 10% Of DowDuPont's Workforce To Be Fired

It's official: two of America oldest publicly traded companies will combine, with Dow and DuPoint merging as equals in a combined company that will have a $130 billion market cap and will be named DowDuPont. And while shareholders already benefited from the deal with shares of both consitutents rising by 10% in the days preceding the official announcement, the biggest loser are once again the employees: the combined company announced that as part of the $700 million in restructuring efforts, 10% of the combined company's employees will be laid off.

Here are the details:

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