– Correlations “went to one” last week as all major asset classes declined together. Commodities were hit hardest.
– Most of the selling pressure was focused on Growth, Momentum, and Tech stocks.
– Emerging markets slid by more than 3% on continued weakness in Chinese equities. China is down more than 4% year to date.
– Crude oil and gold climbed slightly, while lumber had a 7% pullback from a steady string of new all-time highs. Bitcoin dropped another 11%.
