Five anonymised historical charts were dealt to every player. The Monkey Index returned -0.63% across the same tape.
68 desks completed all five charts.
The smartphone boom was forcing mobile carriers into a massive 4G rollout, turning boring tower infrastructure into some of the most reliable tollbooths in the market. The climb into the new year barely paused for breath.
China's summer market panic had sparked fears of a global industrial slump, leaving manufacturers priced for a recession. This was the week the autumn relief rally caught the pessimists out.
Regulators had just cleared the takeover of NBCUniversal, turning a cable provider into an entertainment giant just as streaming started to loom. The market backed the sheer scale of it, and the buyers kept right on pushing.
The initial COVID panic had battered credit markets, but central bank backstops quickly triggered a record corporate borrowing spree. Rating fees were about to flood in, and the bounce held.
Interest rates were pinned near zero and post-crisis regulations were still biting, so half the market treated the big banks like glorified utilities. A strong summer run lured buyers back in, but sellers were not done.