Fundamental OverviewAt one point it looked like the worst was behind us as the Nasdaq rallied almost 5% in a single day following the BoJ and FOMC decisions. Unfortunately, the following day we got an ugly US ISM Manufacturing PMI which sent the market into risk-off and defensive positioning into the US NFP report. The US Jobs report didn’t help as the data surprised to the downside with unemployment jumping to a totally unexpected 4.3% rate. The losses extended and eventually we got a strong overnight selloff yesterday as Nikkei crashed 12% in a single day. At the peak of the risk aversion yesterday the markets saw the Fed cutting rates by 136 bps by year-end and some chances of an emergenc
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