Another day, another selloff, this time one driven by a catastrophic repricing by Fedex, which has plunged by the most ever this morning, down 20% and losing over $11BN in market cap...

... after pulling guidance and effectively warning that the entire world - and especially China - is in a recession. The fact that it is a $3.2 trillion opex today which guarantees even more volatility in the coming weeks...

... or that buyback blackout period begins today probably isn't helping, and sure enough, we end the week in a mirror image to how we started it, with equities extending declines with an index of global stocks on track for the worst week since June, while the dollar continued its relentless ascent, trading back to all time highs. S&P futures were down 0.8% at 730am, dropping to the lowest level in 2 months, while Nasdaq 100 lost more than 1%, as Europe  headed for a fourth day of losses, and Asian was a sea of red led by China.