WTI crude oil prices rallied 5 percent on Wednesday in the best daily move in over 4 months. Its climb was not an isolated event, however. Multiple assets rallied across financial markets over the past 24 hours in a synchronized systemic move. Looking at the chart below, we can see that oil gained alongside gold and S&P 500 futures. This is as the US Dollar, and crucially, UK 30-year government bond yields fell. You can summarize the chart below with two words, “risk-on”. Clearly, something major happened in markets that caused traders to improve their moods. As has been the case of late, the market-moving event ... (full story)