The Real Barbenheimer

Key emerging markets are 'bombing':

• Despite rising oil prices, the Russian RUB briefly fell past 102, with an emergency central bank meeting today likely to raise rates.

• Despite rising agri commodity prices, Argentina officially devalued ARS by 18% and raised interest rates 2,100bps to 118% - as Bloomberg puts it, "to reassure investors as assets went into free fall Monday after a populist who vowed to burn down the central bank won surprisingly strong support in a primary vote."

• Despite soaring auto exports and a vast trade surplus, China's CNY and CNH are brushing 2022 lows, with rumours of massive FX intervention to prevent a slump to levels last seen 20 years ago: yet the PBOC worked in the opposite direction in surprising markets today with a 15bps cut to its 1-year Medium-Term Lending Facility Rate to 2.50%.