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We start this program now by getting Jordan Rochester on the phone, Nemora G10 FX

strategist, Nemora and Jordan walk me through the house view right now for how these kind of shocks are going to roll through asset classes, roll through markets in the coming weeks.

Hi John, it's not going to be fun. And I hate to be the better of bad news, but there is a lot going on.

In terms of equity markets, it's huge moves,

and that's feeding through to foreign exchange markets in weird, wonderful, and slightly confusing ways.

So where do I start? First of all, equities were in a world of their own. For the past couple of weeks we have been

watching the situation in China, the rally in fixed income, the sell-off in commodities,

but the equity market was making fresh highs.

So we're seeing that correction coming back down to where it should be, and I've got these charts

on my screen which show me how U.S. equities trade versus growth expectationsations and the same for Europe and we've seen

sell-offs in both markets of course so they're coming back down towards Earth. The U.S.

...