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​NYLON HANDOVER: Session of carnage and extreme volatility

Global fears of a China hard landing is showing no signs of stopping after another session of carnage and extreme price swings across stocks, bonds and FX.

- The Asia session started on a negative tone after emerged China had not lowered their RRR to free up extra cash to lend. This sentiment was lowered further when it became apparent Beijing have opted let it’s stock market slide. 
- Not surprisingly, bonds benefitted from inflows to push yields much lower. 
- At around 10:10am in the US session JPY crosses saw extreme spikes, resulting in USDJPY shedding -282pips in a flash, AUDJPY -351 pips in 2 mins, and NJDJPY -423 pips in 2 mins. 
- This week alone FTSE has plunged over 4.5%, following on from 7% plunge last week. 
- SPX500 had an intraday low of 6.9% taking the monthly total to a 12% loss.
- European stocks also felt the tremors as DAX plunged 9.2% last week and yesterday's intraday low was -6.8%. 

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