August 13 – Bloomberg (Lu Wang and Elena Popina): “A sleepy August morning got frantic in a hurry Tuesday when conciliatory statements on U.S.-China trade ignited an explosion in equity futures trading. Almost 130,000 September contracts on the equity gauge changed hands over five minutes starting at 9:45 a.m. in New York, five times the average for similar periods over the past month… News the Trump administration will delay the 10% tariff on some Chinese products sent prices on the contract up 2% in about half an hour. ‘We go from sipping from the water fountain to drinking from the fire hose,’ said Larry Weiss, head of equity trading at Instinet LLC… ‘The headlines certainly exacerbate intraday volatility, as summertime volumes present us with a decline in institutional and retail liquidity.’ Near-panic has become nearly routine in the U.S. stock market, belying August’s reputation for calm.”
No Comments
No comments yet.
RSS feed for comments on this post.
Sorry, the comment form is closed at this time.