Euro Trash, Euro Crash

The global markets are an unmitigated disaster this morning and it might get much worse before it gets any better. We're feeling a lot of pain in the PMs and miners but, for once, we're not the only ones as just the POSX is green today.

So where do we even start with an attempt to summarize the situation? Yesterday's CPI print initially led to a selloff in the POSX and this prompted buying in the Comex PMs. But the POSX soon reversed and it then soared again overnight. Today's PPI news only seemed to spur it on.

And what was the PPI? Only +11.3% annualized! Holy smokes...

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Key Economic Events Week of 8/8

8/8 11:00 ET NY Fed Inflation Exp.
8/9 8:30 ET Unit Labor Costs
8/10 8:30 ET CPI
8/11 8:30 ET PPI
8/12 8:30 ET Import Price Index
8/13 10:00 ET UMich Consumer Sentiment
8/13 10:00 ET UMich Inflation Exp.

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