UWM - Fragile Tone Persists
Overview: The positive impulse in the capital markets seen last week has faded. The gap higher opening ahead of the weekend by the S&P 500 was followed by a gap lower opening yesterday. The US threatened crackdown on Huawei disrupted equities in that sector, with as many as two dozen companies on the Shenzhen exchange that were limit down (10%). Most Asia Pacific equity markets, except Japan and South Korea, moved lower. European equities are edging higher late in the morning session. US equities are little changed. Peripheral European bonds continue to outperform, even in