

In this report, we standardise price changes across different markets to allow for cross-market comparisons.
The question after Omicron is which markets did NOT see an extreme move last week! The ones that ‘barely’ moved were the euro, JP Morgan, Ethereum, and Chinese stocks. Outside of that, almost all markets experienced more than one standard-deviation weekly moves, notably (Chart 1):
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In this report, we standardise price changes across different markets to allow for cross-market comparisons.
The question after Omicron is which markets did NOT see an extreme move last week! The ones that ‘barely’ moved were the euro, JP Morgan, Ethereum, and Chinese stocks. Outside of that, almost all markets experienced more than one standard-deviation weekly moves, notably (Chart 1):
- High yield credit: both US and Euro credit saw 2.5 st.dev widenings (Chart 2)
- Equities: Euro Stoxx saw the largest decline of 3.4 st.dev, but Indian stocks, Hang Seng, FTSE0199, Nikkei and tech stocks also big drops (Chart 3)
- Rates: NZ 2y yields fell by almost 3 st.dev. Other large declines in yields included China 10y, US breakeven inflation and Swedish 2y
- Commodities: oil prices saw a 2 st.dev. decline. Silver and gold also saw large declines
We would watch credit and European stocks this week.
Bilal Hafeez is the CEO and Editor of Macro Hive. He spent over twenty years doing research at big banks – JPMorgan, Deutsche Bank, and Nomura, where he had various “Global Head” roles and did FX, rates and cross-markets research.