Five anonymised historical charts were dealt to every player. The Monkey Index returned -0.07% across the same tape.
47 desks completed all five charts.
The surprise US election result had sent bond yields rocketing, draining money straight out of defensive utility stalwarts. A quiet autumn bounce could not fight the rising rate tide, and sellers were not done.
Tariff crossfire with China was battering global manufacturing, and nobody wanted to hold heavy industrials in a trade war. A calm summer drift gave the chart a floor, but sellers were not done.
Silicon Valley Bank had just collapsed, leaving markets convinced that rapid rate rises were about to trigger a full-blown credit crunch. Premium cardholders carried on spending straight through the spring panic, and by June the bounce had held.
Crude prices had spent months drifting and the post-pandemic energy craze was long gone, leaving the street convinced shale producers had little left to offer. This was the week the quiet summer rebound found another gear.
The ghost of the regional banking scare had finally stopped haunting the big brokerages, with client cash settling down and the balance sheet looking manageable again. After three months on the front foot, buyers paused for breath and the bounce held.