For the first time since headlines hit of US-China trade talks, PBOC fixed the Yuan weaker overnight and having surged ahead of the talks, offshore yuan appears to have resumed its collapse.

US equities were panic-bid at the open today but as Yuan slipped further and as the dollar strengthens so stocks reversed course…

And if history is a tell, the S&P will follow Yuan lower…

Bear in mind the massive decoupling between bonds and stocks since China levitated the Yuan ahead of the trade-talks – time for some reversion now that’s over…