Probably the Republican tax cuts plus the fuel tax. The sell off for 'greener pastures' coincided with books closure declines and they created a wave of panic selling as no one knows where the bottom is with all the negative sentiments about the economy and our sovereign debt. Most people I think are selling off to stem their own capital hemorrhage.
That's my theory. I could be wrong.

I think anything below 3000 will translate into a long winter. From the reaction of KE eurobond yields I would say it is almost a certainty. Of critical importance right now despite the irksome nature of their involvement, is for KE to remain in the good graces of the IMF. Yank that support out and it becomes a very steep and nasty decline across all asset classes. That implies the VAT on petroleum stays and the rate cap goes.

Note that yield on the 10yr note has been declining (about a 100bps) since the advent of the caps against a tide of rising global interest rates. The more the cap remains the more destructive the snap will be when it is finally lifted. This is coz it will have to rise that much faster to catch up with the global average for EM/FM.

The rate cap has worked in similar fashion to a currency peg and this is a bad environment for the cbk to try and defend it. All things held constant, how KE will navigate next year will be the deciding factor when principal bullet payments on debt come due.

Probably the Republican tax cuts plus the fuel tax. The sell off for 'greener pastures' coincided with books closure declines and they created a wave of panic selling as no one knows where the bottom is with all the negative sentiments about the economy and our sovereign debt. Most people I think are selling off to stem their own capital hemorrhage.
That's my theory. I could be wrong.