Did Yesterday's ADP Report Mark The Peak Of Panic?

Stocks actually rallied after yesterday’s ADP report showing weaker-than-expected hiring in August, but under the hood there was major panic activity.

The spike in the Swiss Franc (a safe-haven alternative to both the euro and the dollar) came within a breath of dollar parity.

It then plunged later in the day when the strong ISM came in (and its since come back a little).

In Japan, the 10-year JGB is yielding 1.12%, a level we haven’t seen in a while, amid general selling across the board.

Now granted, it’s easy to talk about the clouds being lifted the day after a 3% rally, but given the sharpness of the moves, and the subsequent selloff in safe assets, it seems possible that we saw some kind of peak panic early yesterday morning.

Here’s the Japanese yield curve:


And here’s the Swiss Franc


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