Lots More on Solving the Mystery of the Big Market Selloff
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 6 August 2024
⏱️ 33 minutes
🧾️ Download transcript
Summary
The S&P 500 has plunged more than 5% over the past couple of trading days. The Nasdaq 100 is down 7%. The Nikkei fell an astonishing 13% on Monday and then triggered a circuitbreaker as it climbed up 10% on Tuesday. Meanwhile, measures of equity market volatility like the VIX have soared to their highest levels since the pandemic crisis of 2020. So what’s behind all these dramatic moves? There’s a long list of culprits, with market participants blaming everything from the Federal Reserve being behind the curve, to the deteriorating labor market and softer-than-expected payrolls data on Friday, as well as the unwinding of the yen carry trade, the bursting of the AI bubble, and the reversal of short-volatility trades. In this emergency episode of Lots More, we speak to Charlie McElligott, cross-asset macro strategist at Nomura, about what caused the selloff and how long it might last.
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| 1:02.0 | No, thank you for coming. Thanks for good. Anything going on this week? |
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| 1:05.0 | Holy moly. Yeah. You know we've been feeling stuff, seeing stuff for a while, but you know by end of last week it was like, |
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