Friday Saw "Huge Buying Of Crash Puts" - Nomura Notes The 'Stagflation-Vibe' Taking Hold

The surprise contraction in US flash Services PMI to a two-year-low got Friday's 'risk-off' trade rolling that has clearly extended to this morning's post-OpEx 'gamma unclench'...

...and, as Nomura's Charlie McElligott warns, that has seen the "Growth-Scare" scenario pick up incremental delta.