Business

• Oil slump rocks markets again in equity rout (Reuters)
• Global Stocks on Brink of Bear Market as Oil Slides; Ruble Drops (BBG)
• Global Stocks Slide on Oil Rout (WSJ)
• Emerging Markets Roiled as Stock Selloff Surpasses Asian Crisis (BBG)
• Rising Debt in Emerging Markets Poses Global Threat (WSJ)
• China shares slip as oil slides, outweighing stimulus hopes (Reuters)
• Europe Stocks Fall to 13-Month Low as Results Stoke Growth Fears (BBG)
• Former U.S. VP candidate Palin endorses Trump with a 'hallelujah' (Reuters)

14 months ago, Saudi Arabia had a plan.

That plan involved deliberately suppressing the price of crude in order to bankrupt the US shale complex and put pressure on the Russians who were still clinging to the notion that Bashar al-Assad would remain President of Syria.

Preserving crude market share and securing the “ancillary diplomatic benefits” (to quote The New York Times) of lower oil prices has proven to be a trickier proposition than Riyadh originally imagined.

It all started early last night when the front month oil contract dipped below $28 giving a taste of what was to come. It was all downhill from there.

First Chinese stocks ended the recent ramp higher, with the Shanghai Composite closing down 1% back under 3000, then Japan's rout accelerated with both the Nikkei (-3.7%) and the Topix Index sinking into bear markets, both falling more than 20% from their 2015 highs.

by Keith Weiner

It has come to my attention that, perhaps, the great stock bull market is done. To most people, a bull market is good, and its end is bad. After all, a rising market signifies a healthy economy. Investors are making money. And it seems to prove that the free market is validated, able to deliver miracles despite Obamacare. Share prices are connected to business productivity, aren’t they?

10Y Treasury Yields are plunging back below 2.00% (lowest in 3 months), WTI crude front-month (March) has just tumbled to a $28 handle, and Dow futures are now down over 500 points from this morning's exuberant stimulus hope highs...

Crude has collaped back below $29...

Stocks are in free-fall...

And 30Y bonds are soaring (10Y yield below 2.00%)

What's wrong with this picture?

With all major US equity indices in correction post-rate-hike...