A380s

The datapoints that suggest the market for new airplanes is underoing a severe repricing shock kept coming overnight, when just two days after Iran announced it had negotiated the "$16.6 billion" purchase of 50 737 planes and 30 777 aircraft at half the sticker price, and one year after we revealed that a used Boeing 777 can be purchased for as much as 97% off, overnight Delta Air Lines said that it would scrap an order for 18 787 Dreamliner aircraft, valued at more than $4 billion at list prices, which the company assumed as a part of its merger with Northwest Airlines.

The overnight session has been one of alternative weakness and strength: it started in China where stocks tumbled 2.8% to a two month low following an unexpected warning in the official People's Daily mouthpiece that debt and NPLs are too high, not to expect more easing will come, and that the Chinese Economy’s performance won’t be U- or V-shaped but L-shaped.