It appears the 'shrug' of markets assuming a post-Paris panic-buying bounce has faded and now stocks and crude are tumbling as bonds and bullion are bid...
As we detailed earlier,
While stock markets are modestly lower, and "off the lows", perhaps in anticipation of the quite unbelievable panic-buying that occurred after the French terrorist attacks, investors have seemingly rotated from black gold to pet rocks for safety as the former drops back below $41 and the latter bounces back above $1250.
Gold up, Oil down... (notably gold appeared to rise notably ahead of the main headlines at around 430am ET)
And dip-buyers were piling-in after the initial plunge in stocks...
because remember what happened after Paris...
Because nothing says confidence-inspriation like the biggest terrorist attack in Europe in decades. It appeared someone wanted to "prove" that this attack was not meaningful. After Belgium now, we suspect it may be harder to suggest it is a one-off drop to be bought.