Oil futures surge, equities face multiple challenges🤔
Markets couldn't catch a break as reports of falling crude stock piles spiked oil futures to over $94, up a sizzling +7.3% over 48 hours despite the overall weakness across other asset classes. Over the past month, we have pretty much witnessed a cacophony of concerns against equities with a jump in real yields, USD strength, widening credit spreads, and a downgrade in growth forecasts. While the move in rates was no doubt the worst trigger, it has been a bit of a perfect storm for risk sentiment, and the one-sided (long) sentiment has only exacerbated the painful move lower.
