You can't make an omelette without breaking a few eggs.
The idea that we would get some kind of velvet covid revolution in China where the wisdom of leaders would match with public restlessness about lock downs was always fanciful. Governments always want to move slowly but the public has a limited amount of patience, even in a country with mass surveillance.
The trend in early trade today was US dollar selling, particularly against the euro and yen. Those moves have now nearly faded completely.
There isn't really a theme in markets though. US equities are near the lows of the day while WTI crude oil has staged an impressive comeback.
The market is struggling to price current Chinese worries against hopes that unrest will lead to a quicker reopening.
I tend to think that month-end flows are the real driver here and most everything that we're seeing here is noise.
