Business

• Europe shrugs off pre-G20 China stocks slump, sterling steadies (Reuters)
• China Unveils Its Deliverables for G-20 -- And No Plaza Pact (BBG)
• Foreign Money Could Be Slow to Enter China’s Bond Markets (WSJ)
• China Urged to Stomach Much Higher Fiscal Deficit (WSJ)
• Trump's Momentum Has Republicans in Congress Confused and Cowed (BBG)
• Obama weighs Republican for Supreme Court (Reuters)
• Apple to boost customers’ iCloud encryption (FT)
• Sears Posts $580 Million Fourth-Quarter Loss as Retailer Shrinks (BBG)

It's just getting ridiculous: moments after the Euronext exchange broke down unexpected duo the "technical difficulties" shutting down "part of the market", and spiking the Stoxx600 in the process, moments ago the NYSE itself decided to have a "technical glitch", one which coming alongside James "QE4" Bullard's CNBC interview has pushed S&P500 futures to their overnight highs.

From the NYSE

If and when the CME breaks next, we expect everything to lock limit up as only the upward momentum-levitating algos will be allowed to frontrun each other.

After a burst of volatility in the developed market over the past month, one odd outlier was China, where after a surge of gut-wrenching moves in both its currency and equity markets (recall that it was China's troubles with marketwide circuit breakers at the start of January that may have catalyzed the global volatility wave), Chinese stocks remained relatively quiet and resilient, levitating quietly day after day. That all changed overnight when the Shanghai Composite plunged by 6.4% with the drop accelerating into the close.

On Monday, while European stocks were soaring derivatives traders found they couldn't put any trades in when the largest European derivatives market, the Eurex Exchange, announced trading had been suspended until further notice. Then yesterday, as stocks were crashing, the NY Fed announced that "due to technical difficulties", it would cancel its 11:15 am Agency MBS POMO which unleashed the latest whopper of a short squeeze.

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A Tale of Two Crashes, Part 1

Written by Jeff Nielson (CLICK FOR ORIGINAL)