The U.S. dollar has been weakening.
Euro-area sovereign debt has been selling off, causing yields to rise.
Asian stocks, which have been in a bull market for years, have been feeling the pressure, with the Shanghai Composite Index closing lower in the last couple of sessions.
Meanwhile, oil has been rallying, with WTI crude moving above $62 on Wednesday morning.
Copper, long considered a bellwether for the global economy, has been surging higher recently.
There doesn’t seem to be any single driver that would explain all of these moves, though plenty of analysts are pointing to the unwinding of consensus positions such as trades built around the expectation of continued deflation and quantitative easing in Europe. Others have highlighted more technical factors and illiquid markets that have amplified the moves.
Whatever the reason, the recent seismic activity in these markets has, no doubt, been painful for some big investors.